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Ahead of talks between President Biden and Republican House Speaker Kevin McCarthy on raising the U.S. debt ceiling, bitcoin prices stabilised on Monday. If an agreement isn’t made this week, the government is anticipated to run out of money on June 1. Ethereum was somewhat more expensive.
Bitcoin
As markets anticipate a deal to raise the US debt ceiling, Bitcoin (BTC) started the week in consolidation.
Less than 24 hours after a high of $26,986.08, BTC/USD fell to an intraday low of $26,549.73.
Due to Monday’s movement, BTC has now traded below the $27,000 level for the third straight day.
According to the graph, BTC prices have a stable floor at $26,300 and are now hanging just above it.
The relative strength index (RSI), which has a ceiling of 44.00 and a support level of 39.00, must be breached for a meaningful shift to take place.
At the time of writing, the index is tracking at 41.18.
Ethereum
On Monday, Ethereum (ETH) modestly increased after once more bouncing off of a crucial support level.
ETH/USD rose to a high of $1,820.25 earlier in the day after falling to a low of $1,793.22 on Sunday.
During the decline, ethereum’s price was close to its recent floor at the $1,790 level, but bulls interpreted this as a signal to reenter the market.
Even still, initial gains have somewhat diminished, and the index is now tracking quite near to its 46.00 ceiling.
This resistance will need to be broken in order for momentum to truly turn positive, which is unlikely to occur until a debt ceiling agreement is reached.
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