Crypto Price Today: Bitcoin slips below $27,000; Ethereum holds $1,850; XRP & Solana gain 2%

After a brief recovery, Bitcoin and other crypto tokens continued to remain under pressure on Monday. Market analysts are looking for US FOMC minutes of the meeting later this month amid the US regulatory and debt challenges.

Bitcoin was weaker on Monday as the largest crypto token shed another per cent, falling below the $27,000 mark during the early day. Its largest peer, Ethereum, dropped more than a per cent but remained above $1,850 levels. A majority of altcoins were down, falling in tandem.

Bitcoin has remained range-bound between the levels of $26,900 and $27,000 in the past 24 hours. During the weekend, BTC surpassed the $27,000 mark following a positive job report from the US, which showed an addition of 339,000 jobs in May, surpassing expectations, said Edul Patel, Co-founder and CEO at Mudrex.

"The current key level for BTC is important, and if buyers can sustain its value above this level, there is a possibility of an upward movement towards the $27,350 and subsequently the $27,500 range. With the major data events from the previous week behind us, investors are now anticipating the release of the FOMC meeting minutes on June 14,' he said.

Barring a few exceptions, all other top crypto tokens were trading lower on Monday. Litecoin topped among the losers, dropping more than 2 per cent, followed by Polygon which was down likewise. Dogecoin, BNB and Polkadot shed over a per cent each. Among the gainers XRP and Solana added 2 per cent each.

The global cryptocurrency market cap was trading sharply lower, falling to the $1.14 trillion mark as it dropped about a per cent in the last 24 hours. However, the total trading volumes surged about 27 per cent to $24.59 billion.
 

Tech View by Giottus Crypto Platform
Following a bullish breakout from the descending channel, Ripple (XRP) is set to enter a bullish phase amidst its consideration for an initial public offering (IPO) as its legal battle with the US SEC approaches its conclusion.
 

XRP is currently trading well above its 50-day and 200-day moving averages and a break above $0.55 could lead to a stronger rally. Its short-term momentum is positive, with RSI (at 69) indicating increasing optimism among investors.
Major Levels

Support: $0.45, $0.40
Resistance: $0.55,$0.60


(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.)