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Bitcoin (BTC) increased by 0.41% on Monday. BTC finished the day at $26,869, somewhat correcting a loss of 1.35% from the previous day. BTC missed $27,500 for the fourth straight session despite the positive day.

BTC saw a negative first hour, dropping to a low of $26,547. BTC climbed to a high of $27,130 in the early afternoon after avoiding the First Major Support Level (S1) at $26,536. BTC slipped down to close the day at $26,869, falling short of the First Major Resistance Level (R1) at $27,140.

Support was provided by hopes of a US debt ceiling agreement

There were no US economic figures to affect the afternoon session, so it was a calm start to the week. Investors had to keep track of news on the US debt limit throughout the day due to the absence of statistics.

Kevin McCarthy, the Speaker of the House, expressed hope for the future of negotiations.

Neel Kashkari's rumored uncertainty about whether to vote for an interest rate rise or press the stop button next month attracted attention to Fed remarks as well.

The likelihood of a 25-basis point interest rate rise jumped from 17.4% on May 19 to 25.7% on Monday, according to the CME FedWatch Tool.

While the Dow dropped by 0.42%, the NASDAQ Composite Index and S&P 500 both had gains of 0.50% and 0.02%, respectively.

The Coming Day

Tuesday is a hectic day in class. PMI data for US services and manufacturing will have an impact on the afternoon. The services PMI should have more of an effect even if the manufacturing PMI will get attention. Investors should, however, take into account the sub-components, such as employment, pricing, and new orders.

Investors should keep an eye on the private sector's activities while also keeping an eye on FOMC members' media interactions. A hotter-than-anticipated services PMI and aggressive Fed remarks would boost wagers on an interest rate increase in June.

The focus will still be on developments about the US debt limit, however.

Investors should monitor SEC v. Ripple developments as well as news pertaining to Binance and Coinbase (COIN) while the PMIs, Fed talk, and debt limit updates will all have an impact.

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