Bitcoin, Ethereum Technical Analysis: BTC Nearing $25,000 as Banks Face Exodus of Deposits
Bitcoin moved closer to $25,000 on Tuesday, as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals at the likes of JPMorgan and Citibank are nearing a ten-year high. First Republic Bank has been another major firm to fall, with its stock dropping by over 60% on Monday. Ethereum was also higher in today’s session.
Bitcoin (BTC) extended recent gains on Tuesday, as prices rose higher for a fourth consecutive session.
Banking stocks were significantly lower to start the week, with investors seemingly moving capital towards cryptocurrencies.
Following a low of $21,918.20 in yesterday’s session, BTC/USD surged to an intraday peak 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 appears that bulls are adamant and on a collision course with a ceiling at $25,000, however momentum has eased, as the relative strength index (RSI) nears its own resistance.
At the time of writing, the index is tracking at 63.41, which is marginally below a wall at 66.00 with BTC now trading at $24,368.14.
Ethereum (ETH) also moved higher in today’s session, with prices breaking out of a key resistance point in the process.
ETH/USD hit a high of $1,699.91 earlier on Tuesday, which comes less than 24 hours after hitting a low of $1,576.06.
The move came as prices moved past a long-term ceiling at $1,675, hitting a three-week high in the process.
Looking at the chart, momentum has somewhat slipped, which comes as the RSI ran into an obstacle in the form of a resistance point.
Price strength failed to move beyond the aforementioned zone at 62.00, and as of writing, the RSI is tracking at 60.28.
In order to fully break into the $1,700 region, ETH bulls will first need to get over this ceiling at 62.00.