Bitcoin Rejects The $28k Resistance Level, Could Drop Below $27k Soon

Twitter icon  •  Published hace 4 meses  •  Hassan Maishera

Bitcoin has failed to establish strong support above the $28k level and could drop below $27k as the debt ceiling vote takes place today.


  • Bitcoin rallied past the $28k mark earlier this week, but bulls failed to sustain the momentum.

  • BTC has lost more than 2% of its value in the last 24 hours and could drop below $27k soon.

Bitcoin Could Drop Below $27k

Bitcoin’s performance so far this week has been a rollercoaster. The leading cryptocurrency rallied past the $28k level earlier this week, reaching a three-week high in the process. At press time, Bitcoin is trading at $27,209 per coin. 

However, the bulls have failed to sustain the momentum, and Bitcoin could be set to drop into the $26k zone in the coming hours. 

The performance comes as investors continue to closely monitor the ongoing debt ceiling issue. The vote is set to take place today, and investors are keenly watching to see if the deal will be approved by Congress.

Bitcoin’s rally earlier this week was fueled by the agreement struck between President Biden and Speaker McCarthy. 

If the debt ceiling is not raised, the United States risks defaulting on its debt by June 1st, and that could result in a recession, sending the financial markets into turmoil.

Market analysts also predict that votes in favor of the debt ceiling would also not be beneficial to the cryptocurrency market. Analysts argue that investors would move their funds from the more risky assets like cryptocurrencies to the less risky ones like government bonds.

The broader crypto market is also in a bearish trend today. The total cryptocurrency market currently stands at $1.14 trillion, down by 1.78% over the last 24 hours.



Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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