Dollar Weakness Boosts Bitcoin and Ethereum Amid Biden Debt Deal Failure

Dollar Weakness Boosts Bitcoin and Ethereum Amid Biden Debt Deal Failure


Bitcoin rebounds as US debt ceiling talks fail, with BTC rising above $27,000 due to weakness in the US dollar.

Bitcoin (BTC) rebounded on Tuesday, because of  weakness in the United States dollar, following failed talks to tackle the debt ceiling crisis. President Biden stated, “We reiterated once more that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement.”

Bitcoin

Bitcoin (BTC) (BTC) rose over $27,000 on Tuesday, because of  weakness in the greenback, following failed talks to increase the United States debt ceiling.

After dropping to a low of $26,714.18 to begin the week, BTC/USD surged to a peak of $27,434.68 earlier today.

Tuesday’s profits saw Bitcoin (BTC) marginally break out of a resistance level at the $27,300 mark.

This coincided with the relative strength index (RSI) climbing over a ceiling of its own, at 44.00.

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At the time of publication, the index is now tracking at 47.10, with an next zone of 50.00 a likely target for bulls.

Should they reach this point, there is a reasonable chance that Bitcoin (BTC) will trade over $27,600.

Ethereum

Ethereum (ETH) (ETH) likewise surged higher in today’s session, as prices continued to move away from a key level of support.

ETH/USD hit an intraday high of $1,869.34 on Monday, 24 hours removed from currently worth a bottom of $1,809.54.

The move came as the world’s Second largest digital currency bounced away from a recent floor at $1,790.

Looking at the chart, today’s surge comes following a slight breakout of a ceiling on the RSI at the 50.00 mark.

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As of writing, price strength is now tracking at 51.97, with the following visible level of resistance at 55.00.

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