BTC Bears to Target Sub-$27,000 on Binance and Recession Jitters

Bitcoin (BTC) had a loss of 2.75% on Monday. BTC concluded the day at $27,701 on Sunday after suffering a loss of 1.47%. For the first time since April 24, BTC closed the day below $28 000, which is significant.

BTC reached a first-hour high of $28,686 during the day's bullish start before going into reverse. A late-session low of $27,309 was reached by Bitcoin (BTC) as it failed to pass the First Major Resistance Level (R1) at $28,962. To conclude the day at $27,701, BTC breached the First Major Support Level (S1) at $28,232 and the Second Major Support Level (S2) at $27,980.

Binance and the Bittrex Chapter 11 Filing News Weigh in

The cryptocurrency news wires had an impact on market mood, making it a busier session on Monday.

Binance's bitcoin congestion problems were reported, which caused a decline in BTC and the whole cryptocurrency market. The temporary closure of BTC withdrawals was revealed by Binance on Sunday.

The company said, "We've temporarily blocked BTC withdrawals since the Bitcoin network is facing a congestion problem. As soon as the network has stabilized, our team will resume BTC withdrawals and is already working on a remedy. Be confident that your money is safe.

While Binance attributed the suspension of withdrawals on Bitcoin network congestion, OKX said that "BTC deposit and withdrawal services on OKX are working smoothly. Although the on-chain transaction charge is presently high, our transactions are successfully processing.

a report on Bittrex.Additionally bearish was the US filing for Chapter 11 in the US. Bittrex made the choice to file for Chapter 11 bankruptcy over night.

The following was said by Bittrex in regards to client money: "For those customers who did not withdraw their funds from the platform prior to the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole."

Bittrex.US intends to ask the Court to open such accounts as quickly as possible so that impacted clients may withdraw their money.

The absence of US economic indications caused a decoupling between BTC and the NASDAQ Composite Index. The NASDAQ Composite Index increased on Monday as investors awaited the crucial US CPI Report.

The US equities markets were buoyed by easing banking sector worries, while BTC and the larger crypto market suffered.