Skip to main content

Bitcoin, Ethereum Technical Analysis: Dollar Weakness Pushes BTC Higher, as Biden Fails to Secure Debt Deal

Bitcoin rebounded on Tuesday, as a result of weakness in the U.S. dollar, following failed talks to tackle the debt ceiling crisis. President Biden stated, “We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement.”

Bitcoin

Bitcoin (BTC) rose above $27,000 on Tuesday, as a result of weakness in the greenback, following failed talks to increase the U.S. debt ceiling.

After dropping to a low of $26,714.18 to start the week, BTC/USD surged to a peak of $27,434.68 earlier today.

Tuesday’s gains saw bitcoin marginally break out of a resistance level at the $27,300 mark.

This coincided with the relative strength index (RSI) climbing above a ceiling of its own, at 44.00.

At the time of writing, the index is now tracking at 47.10, with an upcoming zone of 50.00 a likely target for bulls.

Should they reach this point, there is a reasonable chance that bitcoin will trade above $27,600.

Ethereum

Ethereum (ETH) also surged higher in today’s session, as prices continued to move away from a key level of support.

ETH/USD hit an intraday high of $1,869.34 on Monday, 24 hours removed from trading at a bottom of $1,809.54.

The move came as the world’s second largest cryptocurrency bounced away from a recent floor at $1,790.

Looking at the chart, today’s surge comes following a slight breakout of a ceiling on the RSI at the 50.00 mark.

As of writing, price strength is now tracking at 51.97, with the next visible level of resistance at 55.00.

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

Could momentum be set to finally rise in crypto markets? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/otz1BXk
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