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.

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.

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

Comments

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

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...

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read: Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...

breaking news this december get instant daily breaking news

Search This Blog