Bitcoin continued to consolidate on Monday, ahead of U.S. debt ceiling talks with President Biden and Republican House Speaker Kevin McCarthy. It is expected that if a deal isn’t reached this week, the government will run out of cash on June 1. Ethereum was marginally higher.
Bitcoin, Ethereum Technical Analysis: BTC Remains Below $27,000 Ahead of Pivotal Week in US Debt Ceiling Talks
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Bitcoin
Bitcoin ( BTC) started the week in consolidation, as markets remain hopeful of a deal to increase the debt ceiling in the United States.
BTC/USD dropped to an intraday low of $26,549.73, which comes less than 24 hours after a high at $26,986.08.
Overall, Monday’s move is the third straight day in which BTC has traded below the $27,000 mark.
From the chart, it appears that BTC has now found a firm floor at $26,300, with prices hovering slightly above that point.
In order for a significant move to take place, a ceiling of 44.00, or support at 39.00, on the relative strength index ( RSI), will need to be broken.
At the time of writing, the index is tracking at 41.18.
Ethereum
Ethereum ( ETH) rose slightly higher on Monday, as it once again bounced from a key support point.
Following a low of $1,793.22 on Sunday, ETH/USD climbed to a peak of $1,820.25 earlier in the day.
The drop saw ethereum near its recent price floor at the $1,790 mark, however bulls used this as a sign to reenter the market.
Still, earlier gains have somewhat dropped, with the index currently tracking close to a ceiling of 46.00.
In order for momentum to fully turn bullish, this resistance will need to be broken, which is unlikely to happen until a debt ceiling deal is reached.
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