Key Points :

• Bitcoin (BTC) price surged past $27,000 after the White House and House Republicans reached an agreement in principle to raise the debt ceiling and limit spending.

• If passed, tonight's deal would not only expand the debt ceiling but also include a deal to finance the government over the next two years.

US President Biden and Speaker of the US House of Representatives McCarthy have reached an agreement in principle on the debt ceiling. Bitcoin (BTC) price recovered quickly to the $27,000 level.

The White House and Republican negotiators have reached a preliminary agreement to raise the US debt ceiling and avoid a default that could shake the global economy, people familiar with the matter said.

US President Joe Biden and US House of Representatives Speaker McCarthy must now steer a long-discussed framework deal through the final passage of legislation, despite opposition from hawkish lawmakers bipartisan. US Treasury Secretary Yellen warned that the debt ceiling extension must be completed by June 5 to avoid a historic default.

"After weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do but I believe this is an agreement in principle that is worthy of the American people,"

McCarthy said during a brief statement to reporters.

If passed, tonight's deal would not only expand the debt ceiling but also include an agreement to fund the government for the next two years, according to a Democratic source familiar with the negotiations. That means Congress will skip the shutdown war slated for this fall and launch the next funding war after the 2024 election. In addition, US House of Representatives Speaker McCarthy is scheduled to brief Republicans on the debt ceiling agreement at 9:30 pm local time.

Receiving positive news after a prolonged stalemate, BTC price quickly recovered from $26,700 to $27,100.

24h BTC price chart. Source: CoinMarketCap

As investors watch the ongoing debt ceiling negotiations in Washington and Fed officials split over rate hikes, bitcoin has begun to act as a risk asset once again, just like it started to be traded more along with gold earlier this year.

The market also warmed up along with the recovery of the largest coin. Ethereum (ETH), along with other altcoins, all recorded slight gains of 1-3%.

Source: Coin360

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In a surprising turn of events, Bitcoin price has once again made higher-highs after breaking through the $27,756 level in the middle of the night. The King of Crypto had previously hit a seven-month high of $26,700 amid the downturn of Signature Bank and Silicon Valley Bank. However, it seems that the momentum is not slowing down anytime soon, with Bitcoin continuing to show signs of growth.

According to a report by AZCoin News, one analyst has suggested that the price of Bitcoin is moving above the death cross signal. Tony “The Bull” tweeted that this move has destroyed Bitcoin bears’ best argument in one candle, calling the short-covering rally “wild” and suggesting that it has not quite started yet.

For those unfamiliar with the term, a death cross occurs when the 50 moving average (MA-50) crosses the 200 moving average (MA-200) downward, indicating a possible bear market in the future. However, as the article notes, there are many other factors that can influence the price of Bitcoin, so it remains to be seen whether this is a long-term trend or just a short-term blip.

BTC/USDT 1 hour-chart on Binance | Source: TradingView

As of writing, Bitcoin’s price is hovering around $27,300, which represents an 6.4% increase over the past day. In the past week, BTC has recovered as much as 33%, which is certainly an impressive feat. This recent surge in price has left many wondering whether Bitcoin is set for a major breakout or if it will face significant resistance in the near future.

It is worth noting that Bitcoin’s price can be notoriously volatile, and predictions about its future trajectory should always be taken with a grain of salt. However, the fact that it has broken through the $27,800 level is certainly a positive sign for those who are bullish on cryptocurrency.

#bitcoin #BTC #BTCupdate #crypto2023 #azcoinnews

This article was republished from azcoinnews.com