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BTC and a Return to $29,000 Hinged on Passing the Debt Ceiling Deal
Today is a busy day for BTC, with attention on economic statistics from China, the US, and the Fed. However, news around the US debt limit will take center stage.
Bitcoin (BTC) had a loss of 0.18% on Tuesday. BTC lost 1.15% on Monday and finished the day at $27,723. For the second time since May 9, BTC avoided trading below $27,000, which is significant.
BTC climbed to a late-morning high of $28,069 after a positive morning. As a result of missing the First Major Resistance Level (R1) at $28,315, BTC dropped as low as $27,600 in the late afternoon. BTC gained late support to conclude the day at $27,723, avoiding the First Major Support Level (S1) at $27,390.
Weighing US Debt Ceiling Uncertainties and Economic Indicators
Tuesday's session was rather uninteresting. Investors continued to pay attention to the US debt limit agreement after the holiday on Monday.
Throughout the session, rumors that numerous Republican legislators planned to vote against the agreement from Monday continued to circulate.
Better-than-expected US consumer confidence data fell short of expectations. In May, the CB Consumer Sentiment Index decreased from 103.7 to 102.3, below the predicted value of 99.0.
Despite the NASDAQ Composite Index rising by 0.32% on Tuesday, Bitcoin concluded the day in the negative. The gloomy day was influenced by market expectations on a June 25-basis point Fed interest rate rise. The likelihood of an interest rate rise in June jumped from 58.4% to 66.6% on Tuesday, according to the CME FedWatch Tool.
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