Bitcoin jumps to a two-week high

Last week, Bitcoin (BTC) traded below $27,000. Bulls intensified over the weekend after reports of an increase in the US national debt limit appeared, Bloomberg reported.

BTC added over 3% in value to $28,006. Ether (ETH) and Binance Coin (BNB) rose to $1,902 and $314.2, respectively.

US President Joe Biden was able to negotiate with the House of Representatives to increase the debt ceiling to prevent a default. The risk appetite in the stock markets increased sharply after the resolution of this problem.

John Thoreau, head of digital asset trading at the Independent Reserve, said that investor sentiment has improved after the expected decision by the US administration and Congress to increase the national debt limit. BTC has been strengthening for five days in a row – this is the best indicator of cryptocurrency profitability since March.

Previously, such jumps in bitcoin led to a long rally. However, BTC is unlikely to break above $30,000.

It will most likely trade between $25,000 and $30,000. The rise will be moderate, with risks of a minor drawdown remaining in the coming weeks, Caroline Mauron, co-founder of OrBit Markets, predicts.