Bitcoin rebounded on Tuesday, as a result of weakness in the U.S. dollar, following failed talks to tackle the debt ceiling crisis. President Biden stated, “We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement.”
Bitcoin (BTC) rose above $27,000 on Tuesday, as a result of weakness in the greenback, following failed talks to increase the U.S. debt ceiling.
After dropping to a low of $26,714.18 to start the week, BTC/USD surged to a peak of $27,434.68 earlier today.
Tuesday’s gains saw bitcoin marginally break out of a resistance level at the $27,300 mark.
This coincided with the relative strength index (RSI) climbing above a ceiling of its own, at 44.00.
At the time of writing, the index is now tracking at 47.10, with an upcoming zone of 50.00 a likely target for bulls.
Should they reach this point, there is a reasonable chance that bitcoin will trade above $27,600.
Ethereum (ETH) also surged higher in today’s session, as prices continued to move away from a key level of support.
ETH/USD hit an intraday high of $1,869.34 on Monday, 24 hours removed from trading at a bottom of $1,809.54.
The move came as the world’s second largest cryptocurrency bounced away from a recent floor at $1,790.
Looking at the chart, today’s surge comes following a slight breakout of a ceiling on the RSI at the 50.00 mark.
As of writing, price strength is now tracking at 51.97, with the next visible level of resistance at 55.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Could momentum be set to finally rise in crypto markets? Leave your thoughts in the comments below.