Bitcoin is struggling to regain recent highs despite optimism over debt

In this article, we look at Bitcoin (BTC) prices, charts, and analysis

We are finding bitcoin edges higher but the price action lacks conviction.

The US debt ceiling talks are expected to affect cryptocurrency prices.

Content

Overview

Overview

US President Joe Biden is “confident we will get a deal on the budget”

After talks with Speaker of the House Kevin McCarthy on the looming debt ceiling

and the possibility of defaulting on US debt.

Republican McCarthy added to the positive tone of the meeting, saying:

“We’ve already taken default off the table” and that “the structure of how we negotiate has improved.”

The more optimistic tone between the two sides boosted risk markets on Wednesday.

The US dollar continued its recent rally, and the Nasdaq index hit a nine-month high,

While the S&P 500 is close to levels last seen in late August.

While debt ceiling talks have given risk markets, in general, a boost,

Bitcoin was also helped by the news yesterday that Tether,

largest asset-backed stablecoin,

It will invest up to 15% of its net earnings in Bitcoin on a monthly basis.

Tether recently announced a net profit of about $1.5 billion.

The cryptocurrency market joined the rally as Bitcoin bounced off the support around $26,600.

The largest cryptocurrency by market cap is currently hovering around $27,400.

And while we may see a price hike in the coming weeks,

The recent upward move is not stable and remains subject to short-term selling.

The previously mentioned support level around $26,600 needs to hold

If BTC/USD is going to go higher as there is not much in the way

Any technical support before $24,255 appears if selling continues.

If the movement to the upside continues,

the resistance from the 20- and 50-day moving averages must be broken,

Currently at $27, $957, and $28,446, respectively

To allow for a retest of the recent double top of $30,000.

The Ethereum/Bitcoin chart is in an interesting place as 0.06787 is proven

Difficult to break while the 20 and 50 day moving averages are providing support currently around 0.06630.

This narrow range is likely to break soon.

article name Bitcoin is struggling to regain recent highs

Bitcoin is struggling to regain recent highs