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Market News BTC Turns Bullish But Sub-$26,000 Risk Remains on Recessionary Fear

BTC Turns Bullish But Sub-$26,000 Risk Remains on Recessionary Fear

Investors' attention was on the US debt limit agreement, which caused Bitcoin's price to open in a range. However, decisions in SEC v. Ripple will also influence the situation.

TOP1Markets Analyst

2023-05-18

7093

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Bitcoin (BTC) increased by 1.37% on Wednesday. BTC finished the day at $27,425 after losing 0.52% on Tuesday. BTC missed the $28,000 level for a seventh straight session despite the positive day.

During a negative morning, BTC dropped to a low of $26,612. The First Major Support Level (S1) was breached by BTC at $26,860 before it climbed to a late-session high of $27,532. Before finishing the day at $27,425, BTC momentarily passed through the Second Major Resistance Level (R2) at $27,507 and the First Major Resistance Level (R1) at $27,281.

Recessionary jitters are becoming worse but fears of a US default are decreasing.

A pretty quiet session took place on Wednesday. With housing sector statistics in the spotlight, US economic indicators had a little influence on Bitcoin and the larger crypto market.

News about the US debt limit dominated the day due to the weak economic calendar. The likelihood of a US payment default decreased as the debt limit negotiations progressed, which increased demand for risky assets.

The NASDAQ Composite Index increased by 1.28% on Wednesday, while the S&P 500 and Dow saw increases of 1.19% and 1.24%, respectively. This morning, the NASDAQ mini was down 2.75 points.

The continuing SEC v. Ripple case was updated in the cryptocurrency news wires, which also gave guidance.

Notably, Judge Torres rejected the SEC's request to seal the records pertaining to the infamous Willian Hinman speech. A Ripple triumph may put a stop to the SEC's slogan of regulation by enforcement.

The Coming Day

The Thursday session is busy. The Philly Fed Manufacturing Index and US first unemployment claims will have an impact on the afternoon. Unexpected increases in unemployment claims and a decline in the Manufacturing Index would heighten concerns about a coming recession and test investors' willingness to take on more risk.

A agreement to prevent a US default, however, would increase demand for riskier assets.

Investors should continue to follow developments in the SEC v. Ripple lawsuit and news about Binance and Coinbase (COIN) in addition to the US economic calendar and the debt crisis. Investors should probably anticipate a rush of action and resolution in the SEC v. Ripple lawsuit after the Hinman decision.