U.S. debt crisis averted: Stocks soar as White House, House Republicans agree

U.S. debt crisis averted: Stocks soar as White House, House Republicans agree

Bitcoin and Alternative Cryptos Show Signs of Short-term Growth in Interim Agreement

The U.S. appears to be avoiding a catastrophic debt collapse thanks to a tentative agreement between the White House and House Republicans on May 27. The news has already sparked a surge in U.S. stocks, signaling a possible comeback.

The positive trend is not limited to Bitcoin (BTC), as various alternative cryptocurrencies are also showing signs of short-term growth. Sustaining that momentum at higher levels could pose a major challenge for growth proponents.

Bitcoin is finding resistance between the 20-day moving average (MA) at $27,200 and the support line of the symmetrical triangle. The region is expected to be a battleground between growth supporters and skeptics.

If the price pulls back from the upper zone, skeptics will try to push the price down to the key support level of $25,000. Growth supporters are likely to defend the range between the key support level and $24,000, as a break below this level could trigger more selling pressure. The BTC/USDT pair could drop to $20,000 or even $18,000.

Conversely, if buyers manage to overcome the overhead hurdles and push the price back into the triangle, it will indicate strong buying during a price decline. This increases the possibility of a break above the resistance line of the triangle. The pair could then surge to $31,500.

The four-hour chart shows the pair operating within a descending channel pattern, with skeptics struggling to defend the resistance line. If the price turns down from the current position but bounces off the 20-day EMA, it will show that the price drop is being exploited.

Growth supporters will then attempt to push the price above the channel again. If successful, the pair could start a move up to $28,700. On the other hand, a break below the moving averages suggests that the pair may continue to operate within the channel for a longer period of time.

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