Bitcoin Sinks Nearly 3% to $26.7K; Bulls Ponder How Low It Can Go
After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.
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Market Wrap
After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.
Bitcoin is on track for gains on Friday despite bearish U.S. jobs numbers which initially sent the crypto down nearly 2%.
Bitcoin edged higher to $27,700 Wednesday afternoon as crypto markets calmed after Monday’s sharp rally. XRP and AVAX jumped 3% and 7%, respectively.
Bitcoin price in September (CoinDesk)
Cryptocurrency markets surged higher Thursday, with the price of bitcoin (BTC) breaking above the $27,000 level for the first time alongside easing macro pressures.
The 200-week and 200-day moving averages converge at $27,800, acting as an obstacle to further BTC price gains.
BTC slid to $26,500 as interest rates and the U.S. dollar surged while equities declined.
The Fed on Wednesday is widely expected to hold rates steady, but investors will monitor new economic projections and Chairman Powell’s press conference for clues about the direction of future policy.
BTC price fell to $26,700 from $27,200 during Monday.
The world’s largest crypto has bounced from a 3-month low below $25,000 hit on Monday.