Bitcoin approached $25,000 on Tuesday as bank withdrawals increased following the collapse of Signature Bank and Silicon Valley Bank. According to reports, withdrawals from banks like JPMorgan and Citibank are approaching 10-year highs; First Republic Bank is another major player, with its stock price falling more than 60% on Monday. Ethereum was also higher in today’s session.
Bitcoin
Bitcoin (BTC) extended its recent gains on Tuesday, with prices rising for the fourth consecutive session.
Banking stocks fell sharply over the week, as investors appear to be moving their money into cryptocurrencies.
After hitting a low of $21,918.20 in yesterday’s session,BTC/USD surged to an intraday peak of $24,851.62 later in the day.
As a result, bitcoin rallied to its strongest level since February 21, recovering from recent 2-month lows in the process.
Overall, the bulls appear to be resolutely crashing into the $25,000 ceiling, but momentum is waning as the Relative Strength Index (RSI) approaches its own resistance.
At the time of this writing, the index is hovering at 63.41, just below the 66.00 barrier atBTCis currently trading at $24,368.14.
Ethereum
Ethereum (ETH) also rallied in today’s session, breaking through a key resistance point in the process.
ETH/USD hit a high of $1,699.91 early Tuesday, less than 24 hours after hitting a low of $1,576.06.
The move came as prices crossed the long-term ceiling of $1,675, hitting a three-week high in the process.
The chart shows a slight decline in momentum, which is attributed to the RSI hitting an obstacle, a resistance point.
Price strength has been unable to break above the aforementioned 62.00 zone, with the RSI hovering at 60.28 at the time of writing.
In order to fully break out of the 1700 level,the ETHbulls will first need to overcome this ceiling at 62.00.
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