Bitcoin, Ethereum Technical Analysis: BTC Above $28,000 as Biden Announces Debt Ceiling Deal

Bitcoin climbed supra the $28,000 level connected Monday, arsenic U.S. President Joe Biden confirmed that a woody was agreed successful principle. Biden labeled the statement a “compromise,” with Republican Kevin McCarthy calling it “historic.” Ethereum was besides higher connected the news, hitting a three-week peak.

Bitcoin

Bitcoin (BTC) roseate supra the $28,000 to commencement the week, arsenic crypto markets reacted to an evident statement to summation the U.S. indebtedness ceiling.

Following a debased of $27,125.53 connected Sunday, BTC/USD raced to a highest of $28,432.04 earlier successful today’s session.

As a effect of today’s rally, bitcoin moved to its highest constituent since May 8, erstwhile terms reached a precocious of $28,676.

Overall, it appears that the latest determination took spot erstwhile the comparative spot scale (RSI) broke retired of a ceiling astatine 53.00.

Price spot has since climbed, and the scale is presently tracking astatine 54.92, with the adjacent constituent of absorption astatine 57.00.

Should this momentum proceed to increase, determination is simply a bully accidental that BTC volition determination supra the $29,000 mark.

Ethereum

In summation to BTC, ethereum (ETH) besides moved higher connected Monday, climbing supra the $1,900 level.

ETH/USD jumped to an intraday precocious of $1,926.42 earlier successful the day, pursuing a debased of $1,839.13 the time prior.

This surge led to the world’s 2nd largest cryptocurrency hitting a three-week precocious successful the process.

Looking astatine the chart, today’s surge came arsenic the 10-day (red) moving mean crossed implicit its 25-day (blue) counterpart.

If this inclination continues, determination is simply a beardown accidental that ethereum could determination person to $2,000 successful the upcoming week.

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Do you expect ETH to determination supra $2,000 this week? Leave your thoughts successful the comments below.