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Market News BTC Bulls Need Progress on the US Debt Ceiling to Deliver $28,500

BTC Bulls Need Progress on the US Debt Ceiling to Deliver $28,500

With US politics, the Fed, and US economic indices in the spotlight, BTC has a full day ahead of it. US debt limit talk is anticipated to change the dial.

TOP1Markets Analyst

2023-05-12

7994

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Bitcoin's (BTC) price dropped by 2.19% on Thursday. On Wednesday, BTC lost 0.17% and finished the day at $27,016. Notably, BTC's losing streak reached six sessions as it dropped below $27,000 for the second time since March.

BTC rose to an early high of $27,654 before going backwards during the day's uneven start. BTC dropped to a low of $26,795 in the late afternoon, missing the First Major Support level (S1) at $28,359 in the process. Before ending the day at $27,016 BTC briefly breached the First Major Support Level (S1) at $26,868.

US Debt Ceiling and Default Risk Put Bitcoin in the Red

On Thursday, there was again another packed session. Interest was generated by US wholesale inflation and labor market statistics. But lower wholesale inflation and a higher-than-anticipated increase in unemployment claims prevented a positive afternoon.

In April, the US wholesale inflation rate decreased from 2.7% to 2.3%, which was below the expected 2.4%. From 3.4% to 3.2%, core inflation decreased. Initial jobless claims increased from 242k to 264k, supporting a less hawkish Fed, according to the unemployment claim data. Initial unemployment claims significantly above 250k for the first time since April 2022.

The US debt ceiling-related discussion impacted on Bitcoin and the larger crypto market, even if the statistics suggested a change in opinion toward Fed monetary policy.

Regarding a US default, US Treasury Secretary Janet Yellen said, "A default would undermine the accomplishments we've fought so hard to build in our overall recovery over the last four years. Additionally, it would cause a worldwide recession that would further put us back.

Recessions in the US and the rest of the world are feared if the US debt limit is not raised

The NASDAQ Composite Index increased by 0.18% on Thursday, while the S&P 500 and Dow both had losses of 0.17% and 0.66%, respectively. With Alphabet Inc. (GOOGL) rising 4.31% on Google AI intentions, the NASDAQ Composite Index defied the general market trend.