Bitcoin (BTC) continued to consolidate on Monday, ahead of United States debt ceiling talks with President Biden and Republican House Speaker Kevin McCarthy. It is expected that if a deal isn’t achieved this coming week, the Government will run out of cash on June 1. Ethereum (ETH) was marginally higher.
Bitcoin
Bitcoin (BTC) (BTC) started the week in consolidation, as markets remain hopeful of a deal to increase the debt ceiling in the United States.
BTC/USD dropped to an intraday low of $26,549.73, which comes less than 24 hours after a high at $26,986.08.
In general, Monday’s move is the third straight day in which BTC has traded below the $27,000 mark.
From the chart, it appears that BTC has now found a company floor at $26,300, with prices hovering slightly over that point.
In order for a whole lot of move to take place, a ceiling of 44.00, or support at 39.00, on the relative strength index (RSI), will must be broken.
At the time of publication, the index is tracking at 41.18.
Ethereum
Ethereum (ETH) (ETH) rose slightly higher on Monday, as it once more bounced from a key support point.
Following a low of $1,793.22 on Sunday, ETH/USD climbed to a peak of $1,820.25 earlier in the day.
The fall saw ethereum near its recent price floor at the $1,790 mark, however bulls used this as a sign to reenter the market.
Still, earlier profits have somewhat dropped, with the index as of now tracking next to a ceiling of 46.00.
In order for momentum to fully turn positive tendency, this resistance will must be broken, which is unlikely to happen until a debt ceiling deal is reached.
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