Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Moves Back Above $29,000, After Customers Withdraw $100 Billion From First Republic Bank

Bitcoin was back above $29,000 on Wednesday, as markets continued to react to concerns over First Republic Bank. It was reported that customers withdrew around $100 billion in deposits from First Republic in March. Ethereum was also higher on the news, climbing back above $1,900.

Bitcoin

Bitcoin (BTC) rebounded strongly on Wednesday, as markets reacted to the news that deposits in First Republic Bank fell by $100 billion last month.

BTC/USD surged to a peak of $29,121.97 earlier in today’s session, following a low of $27,217.17 the day before.

This move has pushed bitcoin to its highest point in the last seven-days, when it was trading above $30,000.

Bitcoin chart by TradingView

Overall, the surge in price comes as bulls rejected a breakout below a long-term support point at $27,000 on Tuesday.

The relative strength index (RSI) also bounced from a floor of its own at the 44.00 mark, and is now tracking at 54.09.

A ceiling of 55.00 will likely act as a checkpoint for bulls, and should they move beyond this, there is a strong possibility that BTC climbs to $30,000.

Ethereum

In addition to BTC, ethereum (ETH) was also in the green, as prices snapped a three-day losing streak.

Following a low of $1,805.32 on Tuesday, ETH/USD jumped to a peak at $1,919.72 earlier in the day.

As a result of this move, ethereum has hit a five-day high, with price now hovering around a resistance point at $1,915.

Ethereum chart by TradingView

The last time ETH bulls broke this ceiling was on April 13, and on the occasion the price went on to reach an 11-month high above $2,100.

In order for something similar to happen this go round, the RSI would need to overcome a hurdle at the 53.00 level.

At the time of writing, the index is tracking at 51.64.

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

Should the banking crisis worsen, could we see ethereum hit $3,000 in May? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/GHuQwkL
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

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more