Most recently the U.S. government has reached some kind of agreement on the debt ceiling when President Joe Biden and Republican Kevin McCarthy have reportedly reached a debt ceiling deal that is nearing its June 1 deadline. This sentiment has fueled a surge in the crypto market.
BTC price has surged higher to hit a three-week high. Altcoins are also trading positively today with ETH hitting $1,900 for the first time since early May.
Bitcoin has previously traded sideways in the past week as it failed to break above the $27,500 resistance several times. Finally BTC price reversed course and slipped below $26,000 for the first time in two weeks.
After some recovery, BTC price returned to the usual range of $26,500 and $27,500 before debt ceiling sentiment took hold. The US finally reached an agreement on the debt limit, BTC surged higher and approached $28,500, which was the highest price mark since May 8.
Ethereum is among the most significant gainers in the top 10 cryptocurrencies. ETH is up almost 3% and trying to break the $1,900 resistance level. Binance coin rose to $316. Also following the trend are ipple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Litecoin and Avalanche.
On the other hand, LDO and QNT are among the cryptos that recorded high profits between 5-6%. Overall, the total crypto market cap exceeded $1.170 trillion earlier today, which means it has added $30 billion per day and $70 billion in four days.
The market is focused on the $27.4K support level and the $29K resistance level.
