Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued

Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued

Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will backstop depositors’ funds, giving full access to their capital. Ethereum also moved higher on the news. Bitcoin

Bitcoin (BTC) rose back above $22,000 on Monday, as the U.S. Treasury confirmed it will backstop depositors’ funds.

This will be for both Silicon Valley Bank and Signature Bank, which become the second and third biggest banking failures in U.S. history.

Following a low of $20,475.60 on Sunday, BTC/USD surged to an intraday high of $22,728.52 to start the week. Bitcoin chart by TradingView

The rally comes as bitcoin moved back above a floor at $20,000 on Saturday, surging to a ten-day high on Monday.

One of the catalysts of this move was a breakout of the 14-day relative strength index (RSI), which rose past a ceiling at 44.00.

As of writing, the index is tracking at 47.89, which is its strongest point since March 2. Ethereum

Ethereum (ETH) was also back in the green to start the week, as traders moved to buy the recent dip in price.

ETH/USD climbed to an intraday peak of $1,629.37 earlier in the day, less than 24 hours after falling to a low at $1,468.74.

Similar to bitcoin, this move saw the world’s second largest cryptocurrency hit its highest point in the past tendays. Ethereum chart by TradingView

Overall, ethereum is now trading 1.22% higher than at the same point last week, as bulls appear to have reentered the market.

This has resulted in a slight shift in momentum, with the 10-day (red) moving average now trending upwards.

Should this momentum continue, there is a strong chance that ETH could head back to resistance at $1,675.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Has bearish sentiment fully faded in crypto markets? Leave your thoughts in the comments below. Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Stablecoin Trading Dominates Monday"s Crypto Market, Tether and BUSD Sell at Premiums MARKET UPDATES | 4 hours ago Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday MARKET UPDATES | 7 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Launches Prepaid Card in Colombia Next articleBinaryX Releases Trailer and Opens Beta Test For Futuristic Space Game Project Matthew Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether