Bitcoin hits $43,000 after Tesla announcement –

After a strong weekend, Bitcoin's rise continued into the week as Tesla announced stakes worth nearly $2 billion Bitcoin. Overall, crypto markets were around 3% higher on Monday.

Bitcoin

Bitcoin, which has been consolidating for most of last week, approached a three-week high today, rising as much as 3% at the time of writing.

Bitcoin /USD rose to an intraday high above $43,500.00 on Monday as markets reacted to news that Tesla currently holds $1.9 billion in Bitcoin.

The move came as Bitcoin broke marginally above its $42,060 resistance level for the first time since January 21.

As of this writing, the RSI has also peaked, moving above its long-term upper limit of 60, which it last reached in mid-November.

Monday's move also resulted in a crossover of the 10-day (red) and 25-day (blue) moving averages that many long-term bulls have been waiting for.

Bulls could take this as a sign to push the price further higher, with some targeting $45,000 as the next profit-taking point.

ether

ETH also posted multi-week highs on Monday as bulls continue to flock to the world's second-largest cryptocurrency.

At the time of writing, ETH /USD climbed to a high of $3,111.16 today after trading at $2,965.43 less than 24 hours ago.

Overall, Ethereum is up over 20% in the last week, thanks to its 14 RSI breaking above two key resistance levels during this time.

The first break came after a break above 44 on February 3, followed by a rise above the 55 level on Saturday.

These moves have caused a shift in both the 10-day and 25-day moving averages that is similar to Bitcoin is set for a crossover.

Is ETH now heading towards resistance at $3,400? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings a diversified perspective to market analysis, having worked as a brokerage director, retail educator and market commentator in crypto, stocks and forex.

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