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BTC Bears Target $26,500 on US Debt Ceiling Woes and Fed Fear
As market attention moved back to the US debt limit standoff and the Fed this morning, BTC was down. The minutes of the FOMC meeting will have an impact later today.
Bitcoin (BTC) increased by 1.39% on Tuesday. BTC finished the day at $27,243 after gaining 0.41% on Monday. Significantly, BTC made its first return to the $27,500 level in five sessions.
BTC saw a mixed day's start, dropping to a low of $26,829 in the first hour. BTC climbed to a high point in the middle of the morning of $27,543, avoiding the First Major Support Level (S1) at $26,567. BTC momentarily passed through the Second Major Resistance Level (R2) at $27,432 before relaxing back to conclude the day at $27,243. BTC also broke over the First Major Resistance Level (R1) at $27,150.
Mutes for Hong Kong Crypto News The US Debt Ceiling Issues
US economic indices and cryptocurrency news updates from Hong Kong supported the price of Bitcoin.
On Tuesday, the movement in Hong Kong to establish itself as a center for the cryptocurrency industry gathered strength. Retail investors may now trade cryptocurrency, according to the Hong Kong Securities and Futures Commission (HKSFC). Operators of virtual asset trading platforms are invited to submit an application for a license if they are ready to adhere to the SFC's guidelines, the press release said. Those that don't intend to do so should go through with an orderly shutdown of their Hong Kong operations.
On June 1, the Guidelines for Operators of Virtual Asset Trading Platforms will go into effect.
Hong Kong's efforts to establish itself as a global center for cryptocurrency contrast with those of other nations, including as the US, who have adopted a more hostile stance.
The vital services sector saw an uptick in sector activity, which provided further support for the US private sector PMI data. The services PMI climbed from 53.4 to 54.5 while the manufacturing PMI decreased from 50.2 to 48.5. According to economists, both PMIs will drop to 50.0.
The likelihood of a 25-basis point Fed interest rate rise in June was 28.1%, up from 25.7% on Monday, according to the CME FedWatch Tool. The odds of an interest rate increase in June increased as a result of the US service sector PMI statistics exceeding expectations.
The US debt limit deadlock, despite the positive statistics, has hurt the US equities markets.
The Dow fell by 0.69%, while the NASDAQ Composite Index and the S&P 500 also had losses of 1.26 and 1.12 percent, respectively.
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