Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued
Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will backstop depositors’ funds, giving full access to their capital. Ethereum also moved higher on the news. Bitcoin
Bitcoin (BTC) rose back above $22,000 on Monday, as the U.S. Treasury confirmed it will backstop depositors’ funds.
This will be for both Silicon Valley Bank and Signature Bank, which become the second and third biggest banking failures in U.S. history.
Following a low of $20,475.60 on Sunday, BTC/USD surged to an intraday high of $22,728.52 to start the week. Bitcoin chart by TradingView
The rally comes as bitcoin moved back above a floor at $20,000 on Saturday, surging to a ten-day high on Monday.
One of the catalysts of this move was a breakout of the 14-day relative strength index (RSI), which rose past a ceiling at 44.00.
As of writing, the index is tracking at 47.89, which is its strongest point since March 2. Ethereum
Ethereum (ETH) was also back in the green to start the week, as traders moved to buy the recent dip in price.
ETH/USD climbed to an intraday peak of $1,629.37 earlier in the day, less than 24 hours after falling to a low at $1,468.74.
Similar to bitcoin, this move saw the world’s second largest cryptocurrency hit its highest point in the past tendays. Ethereum chart by TradingView
Overall, ethereum is now trading 1.22% higher than at the same point last week, as bulls appear to have reentered the market.
This has resulted in a slight shift in momentum, with the 10-day (red) moving average now trending upwards.
Should this momentum continue, there is a strong chance that ETH could head back to resistance at $1,675.
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Has bearish sentiment fully faded in crypto markets? Leave your thoughts in the comments below. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Stablecoin Trading Dominates Monday"s Crypto Market, Tether and BUSD Sell at Premiums MARKET UPDATES | 4 hours ago Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday MARKET UPDATES | 7 hours ago
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