Crypto Price Today: Bitcoin slips below $27,000; Avalanche, Polygon & Polkadot down 4%

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.

The selling pressure on Bitcoin continued as the largest crypto token tanked about 3 per cent to slip below the $27,000 mark. Its largest peer Ethereum also weakened more than 3 per cent to fall below $1,800-levels. Pain in a few altcoins was severe, while the remaining were slightly lower.

Crypto markets have been under selling pressure in the last 24 hours. Bullish sentiments seem to be slipping as the crypto and fear index stands at 49, the lowest in the last 2 months. Investors seem to be taking a cautious approach of observing without any immediate action, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

"Bitcoin is down about 3 per cent, currently trading below $27,000, possibly due to rumors surrounding an incorrectly tagged wallet suggesting the US Government dumping a large position in a huge sell order. The news overshadowed partial gains by the market as it reacted to the Consumer Price Index," he said.

All the top crypto tokens were trading in deep red on Friday. Avalanche, Polygon and Polkadot led the losers, falling about 4 per cent each. Shiba Inu, Soala and BNB dropped 3 per cent each, while Tron, Dogecoin, Litecoin, XRP and Cardano shed 2 per cent each.

The global cryptocurrency market cap was trading significantly lower, falling down to $1.10 trillion-mark as it dropped about 3 per cent in the last 24 hours. However, the total trading volumes tumbled as much as 24 per cent to $38.31 billion.

Bitcoi is approaching the bearish Fibonacci retracement level of $26,800. A breach could lead to a sell at $25,450 and potentially a further decline to $24,000. RSI and MACD indicate a sell bias, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.

"However, a bullish rebound could target $28,400 or higher at $29,850 for the Bitcoin, XRP fell but experts expect a positive outcome in Ripple's legal battle with the SEC, which may lead to price gains," he added.
 

Tech View by Giottus Crypto Platform
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.
 

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.)