Crypto Price Today: Bitcoin slips below $27,000; Avalanche, Polygon & Polkadot down 4%
Crypto Price Today: Bitcoin slips below $27,000; Avalanche, Polygon & Polkadot down 4%
Bitcoin continued to fall as it tanked about 3 per cent to slip below the $27,000 mark, while Ethereum weakened more than 3 per cent to fall below $1,800-levels.
Pawan Kumar Nahar
- May 12, 2023,
- Updated May 12, 2023 9:53 AM IST
Bitcoin continued to drop on Friday to breach below key psychological levels. Investors are in a wait-and-see mode, shrugging off upbeat employment and price data and the latest banking crisis to continue their wait for a true price catalyst. Bitcoin’s price experienced a sharp decline following wider negative sentiments after release of the US inflation data. Although the price has been consolidating at $29-$30,000 levels, the recent break of 50-day EMA suggests a bearish pattern. In the event of further decline, BTC could hit the key 100-day EMA range, around the $26,000.
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The RSI reading is currently at 37.6 and has been on a downward slope in the past week, which also indicates that the asset may be in bearish territory. Major Levels Support: $26,244, $25,500 Resistance: $27,900, $29,250(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Bitcoin continued to drop on Friday to breach below key psychological levels. Investors are in a wait-and-see mode, shrugging off upbeat employment and price data and the latest banking crisis to continue their wait for a true price catalyst. Bitcoin’s price experienced a sharp decline following wider negative sentiments after release of the US inflation data. Although the price has been consolidating at $29-$30,000 levels, the recent break of 50-day EMA suggests a bearish pattern. In the event of further decline, BTC could hit the key 100-day EMA range, around the $26,000.
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The RSI reading is currently at 37.6 and has been on a downward slope in the past week, which also indicates that the asset may be in bearish territory. Major Levels Support: $26,244, $25,500 Resistance: $27,900, $29,250(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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