Bitcoin rose above the $28,000 level on Monday, as bullish sentiment returned to start what many are calling the month of “Uptober.” The global crypto market cap was also considerably higher in today’s session, up nearly 3% as of writing. Ethereum remains above $1,700.
Bitcoin (BTC) started the month trading above the $28,000 level, as traders came in strong to begin “Uptober.”
Following a low of $27,056.29 on Sunday, BTC/USD rose to a peak of $28,488.74 earlier in today’s session.
This surge pushed bitcoin to its strongest point since August 17, when price was trading at a high of $28,751.
Bitcoin chart by TradingView
From the chart, the latest rise in momentum comes following a breakout at the 68.00 level on the 14-day relative strength index (RSI).
At the time of writing, price strength is tracking at 69.44, which is marginally below a higher ceiling of 70.00.
Should the indicator move beyond this point, BTC will enter overbought territory, which could be a signal to bears to reenter the market.
Ethereum (ETH) continued to trade above the $1,700 level on Monday, as the cryptocurrency hovered near a multi-week high of its own.
ETH/USD hit an intraday high of $1,750.60 to start the week, less than 24 hours after trading at a low of $1,670.08.
Similar to bitcoin, this rally has seen ethereum trade at its highest level since mid-August, after breaking out of a resistance point at $1,730.
Ethereum chart by TradingView
A closer look at the chart will also show that an upward crossover between the 10-day (red) and 25-day (blue) moving averages has occurred.
This typically is a bullish signal, however with ethereum’s RSI also close to being overbought, traders might be tentative before opting to amplify pressure.