Bitcoin, Ethereum Technical Analysis: BTC Nearing $25,000 as Banks Face Exodus of Deposits – Market Updates Bitcoin News
Bitcoin moved closer to $25,000 on Tuesday, as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals at the likes of JPMorgan and Citibank are nearing a ten-year high. First Republic Bank has been another major firm to fall, with its stock dropping by over 60% on Monday. Ethereum was also higher in today’s session.
Bitcoin (BTC) extended recent gains on Tuesday, as prices rose higher for a fourth consecutive session.
Banking stocks were significantly lower to start the week, with investors seemingly moving capital towards cryptocurrencies.
Following a low of $21,918.20 in yesterday’s session, BTC/USD surged to an intraday peak of $24,851.62 earlier in the day.
As a result of the surge, bitcoin rose to its strongest point since February 21, recovering from a recent two-month low in the process.
Overall, it appears that bulls are adamant and on a collision course with a ceiling at $25,000, however momentum has eased, as the relative strength index (RSI) nears its own resistance.
At the time of writing, the index is tracking at 63.41, which is marginally below a wall at 66.00 with BTC now trading at $24,368.14.
Ethereum (ETH) also moved higher in today’s session, with prices breaking out of a key resistance point in the process.
ETH/USD hit a high of $1,699.91 earlier on Tuesday, which comes less than 24 hours after hitting a low of $1,576.06.
The move came as prices moved past a long-term ceiling at $1,675, hitting a three-week high in the process.
Looking at the chart, momentum has somewhat slipped, which comes as the RSI ran into an obstacle in the form of a resistance point.
Price strength failed to move beyond the aforementioned zone at 62.00, and as of writing, the RSI is tracking at 60.28.
In order to fully break into the $1,700 region, ETH bulls will first need to get over this ceiling at 62.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will ethereum climb above $1,700 in today’s session? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.