Bitcoin Drops Below $27k Even As Investors Hold

TL;DR

• Bitcoin has dropped below the $27k level once again despite investors holding their positions.

• BTC has been moving between the $26,500 and $27,800 range in recent weeks.

Bitcoin Slips Below $27k Again

The cryptocurrency market has retraced from its earlier movement, with the prices of most coins and tokens currently in the red zone. Bitcoin surged past the $27k level earlier this week but has now retraced and is trading within the $26k region once again.

At press time, the price of Bitcoin stands at $26,651, down by more than 2% in the last 24 hours. The poor performance comes despite investors holding their positions in the Bitcoin market.

Investors continue to hold their positions and watch the debt ceiling talks unfold in the United States. The US has raised its debt limit 78 times over the last century and is expected to do so once again despite the challenges posed by the House leadership.

The cryptocurrency market has stagnated in recent weeks, with Bitcoin still struggling to move past the $30k psychological level. Some market experts believe that Bitcoin could test the $24k support level before any upward movement in the near term. 

Ether, the second-largest cryptocurrency by market cap, has also lost roughly 2% of its value but continues to trade above $1,800. At press time, the total crypto market cap stands at $1.12 trillion.