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On that day, bitcoin's (BTC) price dropped by 1.81%. BTC finished the day at $27,220 after losing 0.18% on Tuesday. Significantly, BTC suffered its first monthly loss of 2023 in April, dropping 6.95%.

BTC increased to a high of $27,856 in the early morning hours despite the day's rocky start. After failing to reach the First Major Resistance Level (R1) at $27,995, BTC dropped to a low of $26,858 in the late afternoon. BTC breached both the First Major Support Level (S1) and Second Major Support Level (S2) at $27,526 and $27,328, respectively.

BTC ended the day at $27,220 after finding support at the Third Major Support Level (S3) at $26,859.

Market anxiety about the US debt ceiling vote and China PMIs have been weighed.

The Wednesday session was really active. Chinese PMI data for the private sector propelled a flight to safety in the early session.

Midway through the second quarter, investors had a clearer understanding of the macroeconomic landscape thanks to the May NBS Manufacturing and Non-Manufacturing PMI statistics.

While the Non-Manufacturing PMI fell from 56.4 to 54.5, the NBS Manufacturing PMI decreased from 49.2 to 48.8. The NBS Manufacturing PMI is expected to increase from 49.2 to 49.4 while the Non-Manufacturing PMI will decrease from 56.4 to 55.0, according to economists.

The Caixin Manufacturing PMI statistics, which will have a greater influence on risky assets later this morning, are preceded by the NBS numbers.

However, despite a significant rise in job opportunities, US economic indicators remained static. In April, there were 10.103 million available positions, up from the anticipated 9.775 million.

Importantly, investors ignored additional dovish Fed talk. The markets began to place bets on an interest rate hike in June as a result of talk of pressing the pause button in June to give the FOMC time to analyze economic indications.

The likelihood of a 25 basis point interest rate increase fell from 66.6 to 26.4% on Wednesday, according to the CME FedWatch Tool, as the markets reacted to Fed comments favoring a halt in June.

Riskier assets fell in value as a result of market worry over the debt ceiling decision, despite positive economic indications and a change in the Fed's policy stance.

With losses of 0.63% and 0.41% and 0.61%, respectively, for the Dow and S&P 500, the NASDAQ Composite Index declined.

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