Bitcoin approached $25,000 on Tuesday as bank withdrawals surged following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest withdrawals at companies like JPMorgan and Citibank are nearing a 10-year high. First Republic Bank has been another major company to fall, with its shares plunging more than 60% on Monday. Ethereum was also higher in today’s session.
Bitcoin
bitcoin (BTC) extended recent gains on Tuesday as prices rallied higher for the fourth session in a row.
Bank stocks were significantly lower at the start of the week, with investors apparently moving 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 rose to its strongest point since February 21, recovering from a recent two-month low in the process.
Overall, it looks like the bulls are steadfast and on a collision course with a $25,000 top, however momentum has subsided as the RSI approaches its own resistance.
At the time of writing, the index stands at 63.41, which is marginally below a wall at 66.00 with BTC it is now trading at $24,368.14.
Ethereal
ethereal (ETH) also moved higher in today’s session, with prices breaking through a key resistance point in the process.
ETH/USD hit a high of $1,699.91 on Tuesday, less than 24 hours after hitting a low of $1,576.06.
The move came as prices breached a long-term top of $1,675, hitting a three-week high in the process.
Looking at the chart, momentum has eased a bit, which is when the RSI hit a hurdle in the form of resistance.
Price strength failed to move beyond the aforementioned zone at 62.00, and at time of writing, the RSI stands at 60.28.
To get fully into the $1,700 region, ETH The bulls will first have to break above this ceiling at 62.00.
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Will Ethereum rally above $1700 in today’s session? Leave your thoughts in the comments below.
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