BTC Nears $25,000 As Banks Face Exodus Of Deposits – Market Updates

Bitcoin neared $25,000 on Tuesday as bank withdrawals surged following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest withdrawals are nearing a 10-year high at companies like JPMorgan and Citibank. First Republic Bank was another major firm to take a tumble, with its shares falling over 60% on Monday. Ethereum was also higher in today’s session.

Bitcoin

Bitcoin (BTC) extended recent gains on Tuesday as prices surged higher for a fourth consecutive day.

Bank stocks were significantly lower at the start of the week as investors appeared to be dumping capital in cryptocurrencies redeployed.

After hitting a low of $21,918.20 in yesterday’s session, BTC/USD surged to an intraday high of $24,851.62 earlier in the day.

As a result of the surge, Bitcoin surged to its strongest point since Feb. 21, recovering from a recent two-month low.

Overall, the bulls appear unrelenting and on a collision course with a ceiling of $25,000, however momentum has waned as the relative strengthindex (RSI) his own Resistance approaches.

At the time of writing, the index is at 63.41, which is slightly below a wall at 66.00, with BTC now trading at $24,368.14.

Ethereum

Ethereum (ETH) also moved higher in today’s session, with prices breaking above a key resistance point in the process.

ETH/USD hit a high of $1,699.91 earlier Tuesday, which comes less than 24 hours after hitting a low of $1,576.06.

The move came as prices breached a long-term ceiling of $1,675 while hitting a three-week high.

Looking at the chart, momentum has waned a bit as the RSI encountered an obstacle in the form of a resistance point.

Price strength failed to move above the above 62.00 zone and as of this writing the RSI stands at 60.28.

To fully break into the $1,700 region, ETH bulls must first clear this ceiling at $62.00.

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Will Ethereum Surge Above $1,700 In Today’s Session? Leave your thoughts in the comments below.

Eliman Damell

Eliman was previously a director of a London based brokerage firm while also being an onlineTrading-Teacher. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

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