Bitcoin edged higher to $27,700 Wednesday afternoon as crypto markets calmed after Monday’s sharp rally. XRP and AVAX jumped 3% and 7%, respectively.
Bitcoin Slips Below $27K, but What Might Government Shutdown Mean for Prices?
The 200-week and 200-day moving averages converge at $27,800, acting as an obstacle to further BTC price gains.
BTC slid to $26,500 as interest rates and the U.S. dollar surged while equities declined.
The world’s largest crypto has bounced from a 3-month low below $25,000 hit on Monday.
Broader crypto markets were modestly lower late on Wednesday.
Some signs suggest potential market weakness despite Tuesday’s rally, market observers noted.
The Kansas City Federal Reserve’s annual Jackson Hole Symposium is underway, and Powell will deliver his keynote address Friday morning.
Federal Reserve chair Powell speaking at Jackson Hole doubled down on keeping financial conditions tight, including hiking interest rates further if needed.
BTC’s fall below $26,000 is poised to be the worst weekly decline since the collapse of FTX. Absence of a decision in the closely followed Grayscale vs. SEC lawsuit didn’t support the recovery. Market observers are divided on whether the correction is over. Bitcoin (BTC) is poised to endure its worst weekly decline since the […]