Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued

Bitcoin moved backmost supra $22,000, arsenic the U.S. Treasury moved to avert a determination banking crisis, pursuing the illness of Silicon Valley Bank. The authorities confirmed that it volition backstop depositors’ funds, giving afloat entree to their capital. Ethereum besides moved higher connected the news.

Bitcoin

Bitcoin (BTC) roseate backmost supra $22,000 connected Monday, arsenic the U.S. Treasury confirmed it volition backstop depositors’ funds.

This volition beryllium for some Silicon Valley Bank and Signature Bank, which go the 2nd and 3rd biggest banking failures successful U.S. history.

Following a debased of $20,475.60 connected Sunday, BTC/USD surged to an intraday precocious of $22,728.52 to commencement the week.

The rally comes arsenic bitcoin moved backmost supra a level astatine $20,000 connected Saturday, surging to a ten-day precocious connected Monday.

One of the catalysts of this determination was a breakout of the 14-day comparative spot scale (RSI), which roseate past a ceiling astatine 44.00.

As of writing, the scale is tracking astatine 47.89, which is its strongest constituent since March 2.

Ethereum

Ethereum (ETH) was besides backmost successful the greenish to commencement the week, arsenic traders moved to bargain the caller dip successful price.

ETH/USD climbed to an intraday highest of $1,629.37 earlier successful the day, little than 24 hours aft falling to a debased astatine $1,468.74.

Similar to bitcoin, this determination saw the world’s 2nd largest cryptocurrency deed its highest constituent successful the past tendays.

Overall, ethereum is present trading 1.22% higher than astatine the aforesaid constituent past week, arsenic bulls look to person reentered the market.

This has resulted successful a flimsy displacement successful momentum, with the 10-day (red) moving mean present trending upwards.

Should this momentum continue, determination is simply a beardown accidental that ETH could caput backmost to absorption astatine $1,675.

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