Bitcoin returned above $29,000 on Wednesday, as markets continued to react to concerns about First Republic Bank. It was reported that customers withdrew about $100 billion in deposits from First Republic in March. Ethereum was also higher on the news, rising again above $1,900.
bitcoin
bitcoin (BTC) rebounded strongly on Wednesday, as markets reacted to news that deposits at First Republic Bank fell by $100 billion last month.
BTCUSD/USD rose to a high of $29,121.97 earlier in today’s session, following a low of $27,217.17 the previous day.
The move pushed bitcoin to its highest point in the past seven days, when it was trading above $30,000.
Overall, the price rally comes as the bulls refused to break below the long-term support point of $27,000 on Tuesday.
The Relative Strength Index (RSI) has also rebounded from a floor of its own at the 44.00 mark, now tracking at 54.09.
The 55.00 cap is likely to be a checkpoint for the bulls, and if they cross that, there is a strong possibility that BTC It rises to $30,000.
Ethereum
In addition to BTCethereum (ETH) was also in the green, as prices snapped a three-day losing streak.
After a drop of $1,805.32 on Tuesday, ETHUSD/USD jumped to a peak of $1919.72 earlier in the day.
As a result of this move, Ethereum reached a five-day high, with the price now hovering around the $1,915 resistance point.
The last time ETH The bulls broke this ceiling on April 13, and on this occasion the price went to an 11-month high above $2,100.
In order for something similar to happen this round, the RSI will need to overcome a hurdle at the level of 53.00.
At the time of writing, the index is ticking at 51.64.
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Should the banking crisis worsen, could we see Ether reach $3,000 in May? Put your thoughts in the comments below.
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