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As U.S. Vice President Joe Biden announced that a deal had been reached in principle, Bitcoin soared past the $28,000 mark on Monday. Republicans Kevin McCarthy and Joe Biden called the arrangement a “compromise,” while Democrats called it “historic.” In response to the news, Ethereum also increased, reaching a three-week high.
Bitcoin
In response to an alleged deal to raise the U.S. debt ceiling, the price of Bitcoin (BTC) surged beyond $28,000 to start the week.
BTC/USD quickly climbed to a high of $28,432.04 early in today’s session after hitting a low of $27,125.53 on Sunday.
The price of Bitcoin increased today due to the surge, reaching its highest level since May 8 when it peaked at $28,676.
Overall, the latest move appeared once the relative strength index (RSI) broke out of a ceiling at 53.00.
Since then, price strength has increased, and the index is currently tracking at 54.92, with 57.00 serving as the next level of resistance.
Should this momentum continue to increase, BTC is likely to move above the $29,000 mark.
Ethereum
Along with Bitcoin (BTC), Ethereum (ETH) advanced on Monday, crossing the $1,900 mark.
Early in the day, ETH/USD surged to an intraday high of $1,926.42 after hitting a low of $1,839.13 the day before.
The second-largest cryptocurrency in the world reached a three-week high due to this spike.
The chart shows today’s rise occurred as the 10-day (red) moving average surpassed the 25-day (blue) moving average.
If this trend holds, Ethereum may reach closer to $2,000 in the following week.
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