Bitcoin holds at $26,900 as the debt ceiling debate stalls

- The cryptocurrency market remained in a holding pattern on Monday as concerns related to the broader economy and the threat of a U.S. default on its debt continue to hamper activity in all financial markets as traders sit on the sidelines amid the uncertainty.

Data provided by TradingView shows that Bitcoin once again finds itself hovering near support at $26,900 after swinging from a daily low of $26,600 to a daily high of $27,135 in trading on Monday.According to Kitco senior technical analyst Jim Wyckoff, June Bitcoin futures prices were trading steadily in the early hours on Monday, and"Prices are still in a downtrend on the daily chart."

For analysts at Eight Global, the price action seen since the middle of April has amounted to an ABC pattern which"could technically be complete for BTC" at this point.Eight Global noted that while the C-wave went lower than the initial A-wave, the two are approximately the same length from a price drop perspective, and at this point, it's worth considering"that the bottom of the C-wave may be in.

As for what levels to watch out for to signal a continuation upward, the analysts pointed to a BTC price of $29,000 and an"RSI breaking above 50" as a"higher conviction" signal that prices are once again on the uptrend.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin: Are users losing interest in Ordinals? This data suggests…The transaction fees from Bitcoin Inscriptions started to fall recently.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin’s plateaus near former range low – What’s next?Bitcoin consolidates near key support with a bearish overhead stronghold and neutral futures market.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin and Ethereum self-custody rise; investors bet on these areasBitcoin and Ethereum face resistance in breaking key price levels. However, holders remain steadfast while self-custody rises and positive funding rates indicate bullish sentiment.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: This indicator could dismiss investors’ current dismayThe king coin's price has long-term potential of reaching its peak again. But it depends on a number of factors.
Source: CryptoAmb - 🏆 22. / 68 Read more »

This year’s Bitcoin Pizza Day could make or break BTC- Here’s howAs the crypto community marks the 13th celebration of the event, a notable analyst opined that it might be not the best time for short term gains.
Source: CryptoAmb - 🏆 22. / 68 Read more »