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BTC Bears Eye Sub-$26,000 on Anti-Crypto Biden and Debt Talks
Today's early support came from BTC. The US debt limit negotiations and the US administration's anti-crypto rhetoric, nevertheless, will put the buyer's interest to the test.
Bitcoin (BTC) lost 1.35% of its value on Sunday. BTC finished the week down 0.66% at $26,760, reversing a 0.80% gain from the previous day. For the third session in a row, Bitcoin avoided falling below $26,500 despite the gloomy day.
BTC rose to a first-hour high of $27,297 thanks to a positive start to the day. The First Major Resistance Level (R1) at $27,242 was temporarily broken by BTC before it went backward. Following the turnaround, BTC dropped to a late-session low of $26,693. At $26,937, BTC breached the First Major Support Level (S1), then momentarily at $26,747, the Second Major Support Level (S2).
US Debt Ceiling Problems Were Overshadowed by Fed Fear
There were no noteworthy crypto happenings on Sunday, making it a calm day. Investors had to wait for updates on Washington's debt limit due to the absence of cryptocurrency news.
On hearing that negotiations will start today, Sunday's hopes of a settlement between US President Joe Biden and Speaker of the House Kevin McCarthy were dashed. To the disadvantage of BTC and the larger crypto market, the US President addressed the G7 meeting over the debt limit problem.
As President Biden put it, "I'm not going to agree to a deal that protects wealthy tax cheats and cryptocurrency traders while putting food assistants at risk."
The crypto market went into the red as a result of the anti-crypto rhetoric and the lingering risk of a US default.
With a loss of 12.75 points this morning, the NASDAQ mini mirrored investor concern over the debt limit scenario. The market's subsequent response to less hawkish comments made by Fed Chair Powell on Friday did not prevent the decline.
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