Bitcoin Surges to $27.1K as US Debt Ceiling Raise Confirmed

The Potential Influence of Bitcoin in the 2024 Elections
  1. Bitcoin is back to $27,000 and is trading at over $27,100 on a Sunday.
  2. The price action happened after the US debt ceiling increase has been confirmed.
  3. The agreement was reached during a phone call between President Biden and Speaker McCarthy.

Bitcoin has reclaimed $27,000 and is trading past $27,100 in just an hour after the US has confirmed that it will be raising its debt ceiling once more. 

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At the time of writing, BTC is changing hands at $27,102.48, according to CoinGecko, while Binance spot trading almost hit $27,200. Trading volume has also spiked, which is uncharacteristic on a Sunday. Historically, weekend prices barely move an inch due to a lack of trading activity.

BTC/USDT 1-hour chart (source: TradingView)

As seen in the chart above, BTC was also able to rise from its 200-day moving average — represented by the blue line — despite trading just below it for almost 2 days.

The above price action occurred after House Speaker Kevin McCarthy confirmed that there is an agreement in principle between the White House and House Republicans regarding the debt ceiling and spending caps. This development is a significant step away from the potential risk of a historic default.

The agreement in principle was reached during a phone call between President Joe Biden and McCarthy, according to an article published by CNN

Now, both leaders face the task of gaining support for the deal from their respective allies in Congress. The House is controlled by Republicans, while the Senate is controlled by Democrats. 

It is crucial for the deal to be approved before June 5, the date highlighted by Treasury Secretary Janet Yellen as the point at which the US will be unable to meet its financial obligations.

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