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