Bitcoin Remains Below $27k As Bears Stay In Control

Twitter icon  •  Published 9ヶ月前  •  Hassan Maishera

Bitcoin has dropped below the $27k level once again as bears take control of the market, with BTC likely to dump lower in the near term.

TL;DR

  • Bitcoin has lost more than 2% of its value over the weekend and is now trading below $27k.

  • The leading cryptocurrency has been trading between the $26k and $27k levels in recent weeks.

Bitcoin Slips Below $27k

The cryptocurrency market has continued the sideways performance it has repeated multiple times in recent weeks. Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 1% of its value in the last 24 hours and is now trading below the $27k level.

The bearish performance comes after BTC stayed above $27k for most of the weekend. Bitcoin is yet to hit the ground running despite the United States passing into law a new debt ceiling.

However, some market analysts believe that with the new debt ceiling now in place, risky assets like Bitcoin could a dip in price. Investors could be pulling their funds from risky assets into less risky government bonds. 

The broader cryptocurrency market has also lost more than 1% of its value, with the total crypto market cap now around $1.13 trillion. The market has lost more than $200 billion over the weekend.

Despite the poor performance of the market, XRP is up by more than 2% today, making it the best performer amongst the top 10 cryptocurrencies by market cap. 

XRP’s positive performance comes as experts believe that Ripple’s chances of winning its case against the SEC significantly increased in recent weeks. At press time, XRP is trading at $0.533, up by more than 2% over the last 24 hours. 

 

Author

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.