{"id":21042,"date":"2023-05-17T12:47:28","date_gmt":"2023-05-17T12:47:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-ethereum-technical-analysis-btc-drops-below-27000-as-us-debt-ceiling-fears-grip-markets\/"},"modified":"2023-05-17T12:47:28","modified_gmt":"2023-05-17T12:47:28","slug":"bitcoin-ethereum-technical-analysis-btc-drops-below-27000-as-us-debt-ceiling-fears-grip-markets","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-ethereum-technical-analysis-btc-drops-below-27000-as-us-debt-ceiling-fears-grip-markets\/","title":{"rendered":"Bitcoin, Ethereum Technical Analysis: BTC Drops Below $27,000 as US Debt Ceiling Fears Grip Markets"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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<\/p>\n

Bitcoin fell below the $27,000 level on May 17, as market uncertainty remained high amidst the debt ceiling crisis in the United States. Congress continues to negotiate terms of a potential increase to the limit, before the U.S. government runs out of cash on June 1. Ethereum also dropped, breaking out of the $1,800 level.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) moved below the $27,000 level on Wednesday, following yesterday’s U.S. Retail Sales report.<\/p>\n

BTC<\/a>\/USD moved to a low of $26,785.41 earlier in today’s session, which was following Tuesday’s peak at $27,223.07.<\/p>\n

Today’s sell-off comes as bitcoin was unable to move beyond its key price ceiling at the $27,300 mark, leading to a shift in bearish sentiment.<\/p>\n

\n
Bitcoin chart<\/span><\/a> by TradingView<\/div>\n

\n new TradingView.widget(
\n {
\n “width”: “100%”,
\n “height”: “400”,
\n “symbol”: “BITSTAMP:BTCUSD”,
\n “interval”: “D”,
\n “timezone”: “Etc\/UTC”,
\n “theme”: “light”,
\n “style”: “1”,
\n “locale”: “en”,
\n “toolbar_bg”: “#F1F3F6”,
\n “enable_publishing”: false,
\n “container_id”: “tradingview_1247e”
\n}
\n );\n <\/p>\n<\/div>\n

<\/p>\n

Looking at the chart, the decline also coincided with the 14-day relative strength index (RSI) failing to break its point of resistance at 42.00.<\/p>\n

As of writing, price strength is tracking at 38.08, and seems to be heading close to a support zone of 36.00.<\/p>\n

Should this point be reached, then there is a strong possibility that BTC<\/a> could slip below $26,000.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) also trended lower, falling under the $1,800 level in today’s session.<\/p>\n

Following a high of $1,835.55 on Tuesday, ETH<\/a>\/USD plunged to an intraday low of $1,792.08 earlier in the day.<\/p>\n

As a result of today’s drop in price, ethereum neared a long-term floor of $1,790, which is where price has retreated to during the past week.<\/p>\n

\n
Ethereum chart<\/span><\/a> by TradingView<\/div>\n

\n new TradingView.widget(
\n {
\n “width”: “100%”,
\n “height”: “400”,
\n “symbol”: “BITSTAMP:ETHUSD”,
\n “interval”: “D”,
\n “timezone”: “Etc\/UTC”,
\n “theme”: “light”,
\n “style”: “1”,
\n “locale”: “en”,
\n “toolbar_bg”: “#F1F3F6”,
\n “enable_publishing”: false,
\n “container_id”: “tradingview_1247e”
\n}
\n );\n <\/p>\n<\/div>\n

<\/p>\n

Similar to BTC<\/a>, the RSI here is also edging closer to a floor of its own, which in this instance is at the 41.00 point.<\/p>\n

Price strength, which is currently at the 41.97 level, was unable to breach a resistance zone of 47.00, leading to today’s drop-off.<\/p>\n

There is a good chance that ETH<\/a> could change course in the upcoming days, providing the floor at 41.00 remains firm.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

What else is behind today’s drop in crypto prices? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

Source link <\/a>
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<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Bitcoin News ) Bitcoin fell below the $27,000 level on May 17, as market uncertainty remained high amidst the debt ceiling crisis in the United States. Congress continues to negotiate terms of a potential increase to the limit, before the U.S. government runs out of cash on June 1. Ethereum also […]<\/p>\n","protected":false},"author":17,"featured_media":21043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21042"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21042"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21043"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}