Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Above $28,000 as Biden Announces Debt Ceiling Deal

Bitcoin climbed above the $28,000 level on Monday, as U.S. President Joe Biden confirmed that a deal was agreed in principle. Biden labeled the agreement a “compromise,” with Republican Kevin McCarthy calling it “historic.” Ethereum was also higher on the news, hitting a three-week peak.

Bitcoin

Bitcoin (BTC) rose above the $28,000 to start the week, as crypto markets reacted to an apparent agreement to increase the U.S. debt ceiling.

Following a low of $27,125.53 on Sunday, BTC/USD raced to a peak of $28,432.04 earlier in today’s session.

As a result of today’s rally, bitcoin moved to its highest point since May 8, when price reached a high of $28,676.

Bitcoin chart by TradingView

Overall, it appears that the latest move took place once the relative strength index (RSI) broke out of a ceiling at 53.00.

Price strength has since climbed, and the index is currently tracking at 54.92, with the next point of resistance at 57.00.

Should this momentum continue to increase, there is a good chance that BTC will move above the $29,000 mark.

Ethereum

In addition to BTC, ethereum (ETH) also moved higher on Monday, climbing above the $1,900 level.

ETH/USD jumped to an intraday high of $1,926.42 earlier in the day, following a low of $1,839.13 the day prior.

This surge led to the world’s second largest cryptocurrency hitting a three-week high in the process.

Ethereum chart by TradingView

Looking at the chart, today’s surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart.

If this trend continues, there is a strong chance that ethereum could move closer to $2,000 in the upcoming week.

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

Do you expect ETH to move above $2,000 this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/gDsinZ3
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