Bitcoin moved back above $22,000 as the US Treasury moved to avoid a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will support depositors’ funds, giving full access to their capital. Ethereum also went higher on the news.
Bitcoin
bitcoin (BTC) rose back above $22,000 on Monday as the US Treasury confirmed it will support depositor funds.
This will be for both Silicon Valley Bank and Signature Bank, which become the second and third largest bank failures in US history.
After a minimum of $20,475.60 on Sunday, BTC/USD rose to an intraday high of $22,728.52 to start the week.
The rally comes as Bitcoin pulled back above a bottom at $20,000 on Saturday, hitting a ten-day high on Monday.
One of the catalysts for this move was the breakout of the 14-day RSI, which broke above a ceiling at 44.00.
At time of writing, the index stands at 47.89, which is its strongest point since March 2.
Ethereal
ethereal (ETH) was also back in the green to start the week as traders moved to buy the recent price decline.
ETH/USD rose to an intraday high of $1,629.37 earlier in the day, less than 24 hours after falling to a low of $1,468.74.
Similar to bitcoin, this move saw the world’s second largest cryptocurrency reach its highest point in the last ten days.
Overall, Ethereum is now trading 1.22% higher than the same point last week, as the bulls appear to have returned to the market.
This has resulted in a slight change in momentum, with the 10-day moving average (red) now trending higher.
If this momentum continues, there is a high probability that ETH it could return to the resistance at $1,675.
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