Cryptocurrencies were initially in the red to start the week, despite several crypto firms securing lucrative Super Bowl ad slots. Over 100 million viewers watched the “crypto bowl” advertisements, however bitcoin prices started lower on Monday.
BTC/USD is lower for a fifth consecutive session to start the week, as markets gave up all of last week’s gains.
BTC/USD fell to an intraday low of $41,681.96 on Monday, following a peak of $42,693.05 during Sunday’s session.
The recent decline in prices has pushed BTC closer to support of $40,800, a level it hasn’t hit since February 5.
Monday’s move comes as price strength has continued to slip, with the 14-day RSI falling below recent multi-month highs.
As of writing, the Relative Strength Index is tracking at 55, a level which appears to be a short-term floor, however should it move above resistance of 56.43, bulls could re-enter.
Looking at the moving averages on 10-days and 25-days, we are starting to see a consolidation in momentum, as these trend lines begin to trend sideways.
Although it seems likely that the floor will be hit, long-term traders will likely look at buying this dip.
Ethereum was also lower to start the week, as bears continued to circle the world’s second largest cryptocurrency.
However, as the session progressed, prices slowly began to gain some bullish momentum, following the U.S. open.
As of writing, ETH was marginally higher, as prices were once again looking to trade above the $3,000 level.
ETH/USD hit an intraday low of $2,840.26 during the course of today’s session, however it climbed to a high of $2,957.96 shortly thereafter, which is 0.24% higher than Sunday’s high.
This comes as the 14-day Relative Strength Index was marginally higher, and approaching its key resistance level of 51.
Will we see an influx of new crypto traders following the Super Bowl? Leave your thoughts in the comments below.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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