The beginning of the week on the international financial markets has been marked by huge rallies in the cryptocurrency sector all along.
Bitcoin is currently trading at $89,000, a new historic high, and Ethereum is trading in the $3300 zone, the highest since July of this year. Investors are now keeping a close eye on whether the increases initiated after Donald Trump won the U.S. presidential election will be able to reach a scale that will lead to breaking through the psychological barrier of $90,000 and $100,000.
It is worth noting that despite the current increases, the net allocation of funds in spot ETFs is not large and remains at relatively stable levels.
From a technical point of view, it is worth bearing in mind that the current scale of rallies, namely their dynamics, is relatively large against the historical background, which may limit the possible further pace of increases (RSI exit above 84 points). At the moment, the most important points of resistance may be the psychological zones in the $90,000 zone. Moreover, the current uptrend seems strong (looking at the dynamics of recent movements), so possible supports for the asset may be located in the zone of recent historical peaks ($73,700) and the STH (Short Term Holder Realized Price area around $67,600).
Source: xStation
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