Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Consolidates Near $28,000, as First Citizen Agrees to Acquire Silicon Valley Bank

Bitcoin started the week trading around the $28,000 mark, as markets reacted to the news that Silicon Valley Bank was to be acquired. First Citizen Bank agreed to buy approximately $72 billion in SVB assets, at a discounted rate of $16.5 billion. Ethereum continued to trade under $1,800 on Monday.

Bitcoin

Bitcoin (BTC) started the week trading marginally higher, with prices hovering near the $28,000 level.

Following a bottom at $27,678.15 on Sunday, BTC/USD moved to a high of $28,178.14 earlier in today’s session.

The move saw bitcoin edge towards a recent resistance point at the $28,300 mark, which was last hit on Friday.

Bitcoin chart by TradingView

Overall, BTC has mostly consolidated on Monday, which comes as the 14-day relative strength index (RSI) collided with a ceiling at the 65.00 zone.

As of writing, the index is tracking at the 64.51 level, with the next visible point of support at the 62.00 mark.

Should bulls take price strength below this point, there is a strong possibility that BTC could move below $27,000.

Ethereum

Ethereum (ETH) largely consolidated on Monday, as prices moved away from a key price floor in today’s session.

ETH/USD jumped to a peak of $1,797.88 earlier in the day, which comes less than 24 hours after falling to a low of $1,748.44.

Since hitting a seven-month high of $1,861 last Thursday, the world’s second largest cryptocurrency has mostly traded below $1,800.

Ethereum chart by TradingView

Overall, ethereum is down 1.19% from the same point last week, with prices mostly moving between a floor of $1,730, and a ceiling at $1,820.

The 10-day (red) moving average has now begun to shift direction, with upwards momentum now fading.

Prices may continue to trend sideways heading into April, unless some unexpected news moves markets.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to finish the month below $1,800? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/shGxtgO
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more