BTC Moves Back Above $29,000 After Customers Withdraw $100 Billion From First Republic Bank – Market Updates Bitcoin News
Bitcoin was back above $29,000 on Wednesday as markets continued to react to concerns over 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, climbing back above $1,900.
Bitcoin
Bitcoin (BTC) rallied sharply on Wednesday as markets reacted to news that deposits at First Republic Bank fell by $100 billion last month.
BTC/USD rose to a high of $29,121.97 earlier in today’s session, following a low of $27,217.17 the previous day.
This move has pushed bitcoin to its highest point in the past seven days, when it traded above $30,000.
Overall, the price rally comes as bulls rejected a breakout below a long-term support point at $27,000 on Tuesday.
The relative strength index (RSI) also bounced off a separate floor at the 44.00 mark, and now follows 54.09.
A ceiling of 55.00 is likely to act as a checkpoint for bulls and should they move beyond this, there is a strong possibility of BTC climbing to $30,000.
Ethereum
In addition to BTC, ethereum (ETH) was also in the green as prices snapped a three-day losing streak.
After a low of $1,805.32 on Tuesday, ETH/USD jumped to a high of $1,919.72 earlier in the day.
As a result of this move, ethereum has hit a five-day high, with the price now hovering around a resistance point of $1,915.
The last time ETH bulls breached this ceiling was on April 13, on which occasion the price hit an 11-month high above $2,100.
For something similar to happen this round, the RSI needs to overcome an obstacle at the 53.00 level.
At the time of writing, the index stands at 51.64.
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Should the banking crisis worsen, could we see Ethereum hit $3,000 in May? Leave your thoughts in the comments below.
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