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On Wednesday, the price of bitcoin climbed back above $29,000 as the markets continued to react to First Republic Bank-related concerns. According to reports, First Republic customers withdrew almost $100 billion in deposits in March. In response to the news, Ethereum rose, crossing $1,900 again.
Bitcoin
As markets reacted to the news that deposits at First Republic Bank dropped by $100 billion last month, Bitcoin (BTC) experienced a significant bounce on Wednesday.
BTC/USD climbed to a high of $29,121.97 earlier in today’s session after hitting a low of $27,217.17 the day before.
With this rise, bitcoin has reached its highest price in the last seven days, trading above $30,000.
Overall, the price has increased as bulls on Tuesday refused a breakthrough below a long-term support level at $27,000.
The relative strength index (RSI) also bounced from its own floor at the 44.00 mark and is now tracking at 54.09.
Bulls will likely use a ceiling of $55.00 as a checkpoint, and should they get beyond it, there is a good chance that BTC will increase to $30,000.
Ethereum
Along with BTC, ethereum (ETH) also saw gains as prices ended a three-day losing run.
ETH/USD spiked to a high of $1,919.72 earlier in the day after hitting a low of $1,805.32 on Tuesday.
Due to this movement, the price of Ethereum has reached a five-day high and is currently hovering at a resistance level of $1,915.
On April 13, when ETH bulls previously pushed through this barrier, the price rose to an 11-month high above $2,100.
The RSI would have to clear a barrier at the 53.00 level to see something similar occur this time.
At the time of writing, the index is tracking at 51.64.
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