Crypto Price Today: Bitcoin breaches $27,000; Litecoin, Avalanche, Solana fall up to 4%

After a brief push, Bitcoin and other top crypto tokens were back in red on Wednesday. Lingering concerns over the US debt ceiling is adding to the angst of traders across the globe, who are seesawing between bullish and bearish sentiments in the digital asset market.

After a short-lived rise, Bitcoin was back in the falling zone on Wednesday as the largest crypto token dropped about 2 per cent to breach $27,000-mark once again. Its largest peer, Ethereum, was also down over 2 per cent but managed to hold $1,800-levels. Altcoins were also in red.

"Bitcoin has maintained its trading level above $27,000, with the price fluctuating between $26,500 and $27,500 for the past few days. Concerns over regulatory challenges in the crypto market and macroeconomic uncertainties, such as the US debt ceiling stalemate, might have impacted market liquidity, said Edul Patel, CEO and Co-founder at Mudrex.

"On the other hand, Ethereum's price has been stuck below $1,920 for the past 16 days, which is especially concerning since the latest breakout attempt on May 6 lasted less than 24 hours," he said.

All the top crypto tokens, inclduing the US dollar pegged stablecoins, were trading lower on Wednesday. Litecoin dropped 4 per cent, followed by a 3 per cent fall in Avalanche and Solana. Dogecoin, Shiba Inu, Polkadot, and Tron were down 2 per cent each in the early trade.

The global cryptocurrency market cap was trading lower, falling to $1.13 trillion-mark as it dropped more than a per cent in the last 24 hours. However, the total trading volumes increased about 2 per cent to $28.008 billion.

Tech View by Giottus Crypto Platform
Tron (TRX) has witnessed a massive rally in the last week and continues to gain momentum. The asset has breached the ceiling of the rising channel ($0.076 level), which signals an inherent bullishness.

The candle sticks have inched closer to the $0.080 level in the last two days which acts as the nearest resistance level. If the momentum continues, additional gains could potentially drive the price towards the $0.085 levels. The positive development, however, may lead to short term corrections from today's level and may reach support levels at $0.072 followed by $0.067. The RSI level currently sits at 76.5 indicating a strong optimism for Tron.

Major Levels:
Support: $0.072, $0.067
Resistance: $0.080, $0.085


(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.)