Bitcoin falls below $27k, XRP, Litecoin climb up to 5%
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Loading... - Ramos Daniel
- 17 May 2023
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Cryptocurrency markets displayed a blend of performances on Wednesday, influenced by weak global indicators amidst ongoing debt ceiling discussions in the United States. While XRP, Dogecoin, and Litecoin showed gains, Bitcoin, Ethereum, and BNB experienced losses.
Bitcoin (BTC) witnessed a decline of 1.39%, settling at $26,851, while Ethereum (ETH) hovered just above the $1,800 mark. In the past 24 hours, BTC recorded a trading volume of approximately $12.14 billion, representing a 2.93% decrease.
Bitcoin remained relatively stable over the last 24 hours as investors closely monitored the progress of the debt ceiling negotiations in Washington. BTC was observed changing hands within the range of $26,800 to $27,400.
The decentralized finance (DeFi) sector currently contributes 2.11 billion to the total cryptocurrency market volume, accounting for 7.45% of the 24-hour volume. Additionally, the volume of all stablecoins reached $25.79 billion, constituting 91.17% of the total cryptocurrency market volume within the same time frame.
The global market capitalization of cryptocurrencies experienced a decline, reaching approximately $1.12 trillion, marking a 0.84% decrease over the past 24 hours.
Bitcoin, as the leading cryptocurrency globally, possessed a market cap of about $520 billion. The dominance of Bitcoin stood at 46.35%, registering a decrease of 0.27% within the day, as reported by CoinMarketCap.
Bitcoin faced pressure on Tuesday amid mixed market sentiment while being valued between $26,950 and $27,095. The $26,800 support level, which previously served as resistance, now acts as a potential turning point.
Technical indicators, including the RSI and MACD, suggest a favorable buying zone. Should Bitcoin maintain its position above $26,800, a bullish rebound towards $27,800 or $27,500 is anticipated. However, the presence of the 50-day EMA around $27,500 presents a significant barrier, indicating prevailing bearish sentiment in the market.
