Bitcoin Flirts With $28K, Ethereum, Dogecoin Rise Too On Debt-Ceiling Deal: Analyst Known For Calling Bottom Sees Apex Crypto At $29K — But There's A Catch


Published May 29, 2023 03:55

Updated May 29, 2023 05:10

Bitcoin Flirts With $28K, Ethereum, Dogecoin Rise Too On Debt-Ceiling Deal: Analyst Known For Calling Bottom Sees Apex Crypto At $29K — But There's A Catch

Benzinga - Major cryptocurrencies were showing significant gains Sunday evening following news of a deal reached by the White House to avert a looming debt ceiling crisis.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) +3.86% $28,166
Ethereum (CRYPTO: ETH) +3.52% $1,914
Dogecoin (CRYPTO: DOGE) +1.10% $0.073

What Happened: The buying frenzy is not limited to Bitcoin alone as select altcoins are also exhibiting signs of an upswing.

Over the weekend, House Speaker Kevin McCarthy informed reporters that the bill still requires some work before completion. He anticipated that it would be ready by Sunday, with voting on Wednesday.

Meanwhile, President Joe Biden said the deal is “an important step forward” in a statement, calling it a compromise.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Mask Network +14.72% $4.79
PanCake Swap +10.43% $1.73
Injective +8.63% $7.12

At the time of writing, the global crypto market capitalization stood at $1.17 trillion, an increase of 2.93% over the last day.

The U.S. stock futures gained following the announcement of the deal to raise the federal debt limit. Contracts for the S&P 500 and Nasdaq 100 rose approximately 0.5%, signaling optimism in the market.

The positive sentiment continued after the US markets closed higher on Friday, with tech stocks leading the rally. The Dow Jones Industrial Average climbed 1%, while the S&P 500 gained 1.30%. The Nasdaq showed the strongest performance with a rally of 2.19%.

As Memorial Day was celebrated on Monday, the US markets remained closed.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "Decent move on Bitcoin, in which the weekly and monthly candles are improving. Needs to get a higher low and then we'll continue moving towards $30,000," said crypto analyst Michaël van de Poppe.

Pseudonymous trader DonAlt’s suggests that the lack of follow-through from BTC bears after defending resistance at $30,000 is a good sign for Bitcoin's future.

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DonAlt notes that Bitcoin traditionally plummets after hitting a key resistance level but the fact that it is consolidating near $30,000 is a positive sign, indicating there may be more good news on the horizon for the cryptocurrency.

"Like I said on the monthly, we've had a breakdown here, and so far nothing's happened, and I think that's a good thing for bulls. Every week that goes by I will become more and more bullish, even if (the) price doesn't change. Obviously, if (the) price goes up, I'm just going to flip back bullish entirely."

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

© 2023 Benzinga does not provide investment advice. All rights reserved.

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