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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 (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 todays 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.

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.

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Should the banking crisis worsen, could we see ethereum hit $3,000 in May? Leave your thoughts in the comments below.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin, Ethereum Technical Analysis: BTC Moves Back Above $29000, After Customers Withdraw $100 Billion From ... - Bitcoin News