Bitcoin shows stability, being in the range of $26,500 – $27,500. Could Bitcoin get closer to the $28,000 target soon?
This morning, Bitcoin, as well as Ethereum (ETH), were again influenced by bearish sentiment. Other assets showed similar dynamics, in particular, Solana (SOL), also showing a decrease in value. At the moment, the price of Bitcoin is influenced by several factors, they will determine its movement in the near future and the possibility of reaching the threshold of $28,000.
Bitcoin is influenced by several factors; reaching 28,000 is in question
Bitcoin is influenced by several factors; reaching 28,000 is in question
At the moment, the price of Bitcoin is influenced by several factors. Among them:
Disputes (discussions) around the US debt ceiling
Legal uncertainty in the US crypto market
US regulatory pressure
Thus, the Bitcoin rate is now influenced by various factors. Bitcoin price reversed after a brief rise yesterday and fell back to the 27,000 level.
We remind you that on Friday, American stock indices closed lower, the dollar weakened, as discussions on the debt ceiling were suspended, which caused uncertainty among investors. Republicans do not yet want to reach an agreement with the White House administration. In turn, Biden does not intend to concede.
The impasse in debt ceiling negotiations and uncertainty surrounding the Fed's interest rate decisions could lead to increased volatility and further bearish pressure on the market.
Trader uncertainty reduces trading activity
Trader uncertainty reduces trading activity
Data from Glassnode indicates that active Bitcoin trading is declining, with more holders choosing to hold their assets rather than engage in buying or selling. Trading volume over the past 24 hours was $10.1 billion. The number of Bitcoins in circulation is 19,378,531 out of a maximum supply of 21,000,000.
The BTC/USD pair is currently facing a barrier at $27,000 and a successful bull run above this point could take the BTC price to $28,000.
At the same time, the relative strength index (RSI) and moving average convergence divergence (MACD) indicate mixed investor sentiment regarding the further movement of Bitcoin. But there remains a chance to overcome the level of 28,000!
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