Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Sees Strong Rebound, as Biden Holds Debt Ceiling Talks

Bitcoin rebounded on Thursday, as markets responded to news that U.S. President Joe Biden held positive talks regarding the debt ceiling. Biden reportedly met with Republican House Speaker Kevin McCarthy, in a bid to find an agreement. Ethereum also rose, moving back above $1,800.

Bitcoin

Bitcoin (BTC) rebounded in today’s session, following news that Joe Biden had held positive talks with U.S. House Speaker Kevin McCarthy, in regards to the debt ceiling.

Following a low of $26,600.14 on Wednesday, BTC/USD raced to an intraday peak of $27,465.93 earlier in the day.

The move saw bitcoin once again climb above a key level of resistance at the $27,300 mark, after a recent breakout.

Looking at the chart, the surge also coincided with the 14-day relative strength index (RSI) moving beyond a ceiling at 42.00.

As of writing, price strength is tracking at 44.58, and seems to be heading close to a higher resistance zone of 49.00.

In the event bulls take the index towards this point, there is a reasonable chance that BTC will move to $28,000.

Ethereum

Additionally, ethereum (ETH) also trended higher, racing back over the $1,800 level in today’s session.

ETH/USD hit a high of $1,834.27 earlier today, which comes less than 24 hours after falling to a bottom at $1,786.67.

This has resulted in the world’s second largest cryptocurrency bouncing from a support point at the $1,790 mark.

However, unlike bitcoin, the RSI on ethereum has still yet to move beyond its own resistance, which is at the 47.00 mark.

Price strength is currently at the 45.10 level, and should it cross the line of 47.00, more bulls will likely reenter the market.

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

Can ethereum hit $1,900 this month? Leave your thoughts in the comments below.



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

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

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