Bitcoin, Ethereum Technical Analysis: BTC Nearing $25,000 as Banks Face Exodus of Deposits
Bitcoin edged closer to $25,000 on Tuesday as banking surged after the collapse of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals at banks such as JPMorgan and Citibank are approaching a ten-year high. Another major loss-maker was First Republic Bank, whose shares fell more than 60% on Monday. Ethereum also rose in today’s session.
Bitcoin (BTC) continued its recent gains on Tuesday as prices rose for the fourth straight session.
Banking stocks dropped significantly earlier in the week and investors appear to have moved capital into cryptocurrencies.
After a low of $21,918.20 in yesterday’s session, BTC/USD rose to an intraday high of $24,851.62 earlier in the day.
As a result of the surge, bitcoin surged to its highest level since February 21, recovering in the process from a recent two-month low.
Overall, it looks like the bulls are adamant and on track to hit the $25,000 ceiling, however momentum has waned as the Relative Strength Index (RSI) approaches its own resistance.
At the time of writing, the index is tracking at 63.41, slightly below the wall at 66.00 from BTC is currently trading at $24,368.14.
Ethereum (Ethereum) also rose in today’s session, with prices breaking through a key resistance point.
Ethereum/USD hit a high of $1,699.91 earlier Tuesday, less than 24 hours after hitting a low of $1,576.06.
The move came as prices broke the long-term ceiling of $1,675, hitting a three-week high in the process.
Looking at the chart, you can see that the momentum has abated somewhat as the RSI hit an obstacle in the form of a resistance point.
Price strength has failed to move beyond the aforementioned zone at 62.00 and the RSI is tracking the 60.28 level at the time of writing.
To fully break into the $1700 area, Ethereum the bulls will first need to break this ceiling at 62.00.
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Will Ethereum rise above $1,700 in today’s session? Leave your thoughts in the comments below.
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Credit : news.bitcoin.com