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 around $100 billion in deposits from First Republic in March. Ethereum was also higher on the news, climbing back above $1,900.
Bitcoin
Bitcoin (BTC) rebounded strongly on Wednesday, as markets reacted to the news that deposits in First Republic Bank fell by $100 billion last month.
BTC/USD surged to a peak of $29,121.97 earlier in today’s session, following a low of $27,217.17 the day before.
This move has pushed bitcoin to its highest point in the last seven-days, when it was trading above $30,000.
Overall, the surge in price comes as bulls rejected a breakout below a long-term support point at $27,000 on Tuesday.
The relative strength index (RSI) also bounced from a floor of its own at the 44.00 mark, and is now tracking at 54.09.
A ceiling of 55.00 will likely act as a checkpoint for bulls, and should they move beyond this, there is a strong possibility that BTC climbs to $30,000.
Ethereum
In addition to BTC, ethereum (ETH) was also in the green, as prices snapped a three-day losing streak.
Following a low of $1,805.32 on Tuesday, ETH/USD jumped to a peak at $1,919.72 earlier in the day.
As a result of this move, ethereum has hit a five-day high, with price now hovering around a resistance point at $1,915.
The last time ETH bulls broke this ceiling was on April 13, and on the occasion the price went on to reach an 11-month high above $2,100.
In order for something similar to happen this go round, the RSI would need to overcome a hurdle at the 53.00 level.
At the time of writing, the index is tracking at 51.64.
Register your email here to get weekly price analysis updates sent to your inbox:
Should the banking crisis worsen, could we see ethereum hit $3,000 in May? Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
