Bitcoin Rallies To $28k On Imminent Debt Ceiling Deal

Twitter icon  •  Published 9 months ago  •  Hassan Maishera

Bitcoin has touched the $28k level for the first time this month following optimism that a debt ceiling vote will be carried out this week.

TL;DR

  • Bitcoin rallied by more than 3% over the weekend to hit the $28k mark for the first time in weeks.

  • The rally comes following optimism that a debt ceiling deal will soon be agreed in the United States.

Bitcoin Touches $28k Once Again

The cryptocurrency market performed well over the weekend, with prices of most coins and tokens trading in the green zone.

Bitcoin led the way, adding more than 3% to its value over the weekend. The rally saw Bitcoin touch the $28k level for the first time in weeks.

The rally also establishes strong support around the $25k level for the bulls and could allow Bitcoin to test the $30k psychological level soon.

At press time, Bitcoin is trading at $27,900 after slightly retracing from the $28k high it achieved a few hours ago. 

The positive performance comes following news that a debt ceiling deal will soon be agreed between the United States House of Representatives and the White House. House Speaker Kevin McCarthy told reporters over the weekend that there is still a lot to do before the bill comes to pass but is expected a vote by Wednesday.

Meanwhile, President Biden stated that the deal is an important step forward, adding that it is a compromise for all parties involved.

Thanks to this rally, the total cryptocurrency market cap reached the $1.16 trillion mark for the first time this month. Ether, the second-largest cryptocurrency by market cap, also surged past the $1,900 resistance level after adding nearly 3% to its value over the last 24 hours.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.