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Bitcoin (BTC) decreased by 2.06% on Thursday. BTC finished the day at $26,860, reversing a gain of 1.37% from Wednesday. BTC re-entered below $26,500 in the negative session for the first time in six sessions.

After a turbulent start, BTC reached a high of $27,506 in the middle of the day before going backward. BTC dropped to a low of $26,413 in the late afternoon, falling short of the First Major Resistance Level (R1) at $27,767. Before completing the day at $26,860, BTC momentarily breached the First Major Support Level (S1) at $26,847.

News and Regulatory Activity on Binance Keep BTC at Under $27,000

The Thursday session was really busy. Better-than-expected statistics increased wagers on a June interest rate rise, which had a detrimental influence on US economic data.

Against an expected -19.8, the Philly Fed Manufacturing Index increased in May from -31.3 to -10.4. Significantly, the rate of decline in new orders was less pronounced, and the prices paid sub-component indicated that wholesale inflationary pressures had returned.

However, initial jobless claims decreased from 264k to 242k in the week ending May 12, indicating that labor market conditions are still strong.

The latest economic statistics do not warrant a halt on interest rate rises, according to FOMC member Lorie Logan, who said in Fed discussion that challenged market appetite. By the end of the week, news of a US debt limit agreement had been eclipsed by hawkish Fed discourse and negative US economic statistics.

The NASDAQ Composite Index increased by 1.51% on Thursday, while the S&P 500 and Dow had increases of 0.94% and 0.34%, respectively.

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