Tuesday, March 19, 2024

Cryptocurrency markets experienced a resurgence of bullish sentiment on Friday following the approval of a bill to raise the US debt ceiling by the US Senate. As a result, Bitcoin reclaimed the $27,000 mark, ending a four-day losing streak, while Ethereum approached the $1,900 level.

Bitcoin:

After news broke about the passage of the bill to increase the debt ceiling by the US Senate, Bitcoin (BTC) swiftly snapped its four-day losing streak. The approval of the bill averted a potential government cash shortage that could have occurred if the deadline on Monday was not met. As a response, BTC/USD surged to a peak of $27,203.32, rebounding from the previous day’s low of $26,574.64.

The upward movement in Bitcoin appears to be a result of the failure of bearish forces to break through the long-term support level at $26,500, which prompted the reentry of bullish traders. Furthermore, the relative strength index (RSI) surpassed its support level at 46.00, currently tracking at 48.12. The next significant hurdle for Bitcoin’s sustained momentum lies at the $27,500 resistance level. If successfully surpassed, there is a strong possibility that the price could exceed $28,000 over the weekend.

Ethereum:

In addition to Bitcoin’s rally, Ethereum (ETH) also experienced a positive surge, edging closer to the $1,900 mark during Friday’s trading session. ETH/USD reached an intraday high of $1,896.62, bouncing back from a low of $1,851.96 witnessed within the past 24 hours.

The upward movement in Ethereum marked the end of a two-day downturn for the second-largest cryptocurrency, triggered by a rebound from the support level at $1,830 on Thursday. The RSI also indicated a bounce in price strength, finding support at 51.00. The next visible resistance level appears to be at 59.00, and if Ethereum manages to surpass it, the price could approach $1,930.

At the time of writing, Ethereum is currently trading at $1,893.49.

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