Bitcoin Dips Below $27k As Market Selling Pressure Persists

TL;DR

• Bitcoin has dropped below the $27k level once again as selling pressure continues.

• Investors are searching for catalysts in the market that would spur an upward movement.

BTC Risks Dropping Below $26k

The cryptocurrency market has not had a positive week. The market has lost roughly 10% of its value since the start of the week, with the prices of most coins in the red.

Bitcoin, the world’s leading cryptocurrency by market cap, continues to lead the way in terms of market direction. BTC has lost more than 4% of its value over the last 24 hours, dropping below $27k for the second time this week.

At press time, the price of Bitcoin stands at $26,340. The selling pressure in the market continues to persist, and this could see BTC drop into the $25k region for the first time in months.

The mild job data in the United States this month wasn’t enough to ensure an upward move. Furthermore, the ongoing banking crisis also didn’t serve as a strong catalyst to push BTC higher. 

Bitcoin is not the only cryptocurrency that is underperforming. Since hitting an 11-month high of $2,141 following the Shanghai upgrade, ETH has been underperforming. 

At press time, ETH is down by more than 4% in the last 24 hours and is now trading just above the $1,760 support level.