On Thursday, markets reacted favourably to the news that U.S. President Joe Biden had productive discussions about raising the debt ceiling, which helped Bitcoin recover. According to reports, Biden tried to reach a compromise by meeting with Republican House Speaker Kevin McCarthy. A rise in Ethereum saw it return to $1,800.

Bitcoin

Following reports that Joe Biden and U.S. House Speaker Kevin McCarthy had productive discussions about raising the debt ceiling, Bitcoin (BTC) recovered throughout today’s session.

BTC/USD soared to an intraday top of $27,465.93 earlier in the day after Wednesday’s low of $26,600.14.

After a previous breakout, the move saw bitcoin once again ascend above a crucial level of resistance at the $27,300 level.

The increase also occurred when the 14-day relative strength index (RSI) moved past a ceiling at 42.00, as seen on the chart.

Price strength is currently at 44.58 and appears to be moving towards a higher resistance area of 49.00 as of this writing.

There is a probability that BTC will climb to $28,000 if bulls push the index in this direction.

Ethereum

In addition, Ethereum (ETH) trended upward and blasted back over $1,800 during today’s session.

Less than 24 hours after hitting a low of $1,786.67, the price of Ethereum in US dollars reached a high of $1,834.27 earlier today.

This has resulted in the world’s second-largest cryptocurrency bouncing from a support point at the $1,790 mark.

The RSI on Ethereum has yet to cross over its resistance, which is at the 47.00 level, unlike the RSI on Bitcoin, which has.

Price strength is at a 45.10 level right now, and if it crosses the 47.00 line, more bulls will probably start buying again.