Crypto Price Today: Bitcoin below $27,000; Ethereum holds $1,800; Solana & Avalanche fall up to 3%

Bitcoin and other top crypto tokens continued to weaken on Friday, ahead of a thin-volumed weekend. A lot is weighing heavy on bitcoin, with macroeconomic uncertainty continuing to bother traders. Easing concerns of the debt ceiling is also weighing on the crypto sentiments.

Bitcoin continued to weaken further as the largest crypto token dropped about 2 per cent to slip below $27,000-mark, while its largest peer, Ethereum, was down but declined a little more than a per cent and managed to hold $1,800-levels. Pain in select altcoins was intense. Crypto markets have observed slight selling pressure in the last 24 hours. The crypto fear and greed index is down 3 points, currently in the neutral zone with 48 points. This hints toward a cautious overhang amongst investors, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures. "Bitcoin and Ethereum are currently trading in the red, around $26,700 and $1,800, respectively. This could be attributed to the economic data, which seems to be weighing on investor sentiment. In token-specific action, Ripple (XRP) is launching a platform for CBDCs, enabling central banks, governments, and financial institutions to issue their unique forms of digital currency," he said. Barring XRP and the US dollar pegged stablecoins, all other top crypto tokens were trading lower on Friday. XRP jumped 4 per cent, but Solana and Avalanche topped among losers, with each falling over 3 per cent. Polygon, Cardano, Litecoin, Polkadot and BNB shed 2 per cent each. The global cryptocurrency market cap was trading lower, falling down to $1.12 trillion-mark as it gained almost a per cent in the last 24 hours. However, the total trading volumes declined as much as 5 per cent to $31.91 billion. Technical indicators such as RSI and MACD signaled a bear market. Bitcoin has fallen below the 50-day moving average and is now acting as strong resistance at $26,850, said Sathvik Vishwanath, Co-Founder & CEO at Unocoin. "A break above $26,500 could lead to the $26,000 target support, while a break above $26,500 could trigger upside momentum towards the $27,100 resistance levels and potentially $27,490, Monitoring the $26,500 level is key for further price movement," he said.

Tech View by Giottus Crypto Platform Solana (SOL) is moving within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction. SOL has been facing challenges below the $22 mark and there is a possibility of a potential recovery if the price manages to surpass the $21.5 threshold.  

Price has bounced off of $20 support and remains above 200-day moving average, which indicates a strong buying activity. However, if price breaks below $20, there is a downside risk of $16 with immediate support in between at $19. The RSI levels have experienced a sharp decline nearing the oversold range. Major Levels: Support: $16, $19, $20 Resistance: $22, $23.5, $25(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)