Bitcoin, Ethereum Technical Analysis: BTC Drops Below $27,000 as US Debt Ceiling Fears Grip Markets

By Investor Empires On May 17, 2023

Bitcoin fell below $27,000 on May 17, as market uncertainty remained high amid the debt ceiling crisis in the United States. Congress continues to negotiate the terms of a possible capping increase, before the US government runs out of cash on June 1st. Ethereum also fell, breaking the $1,800 level.

bitcoin

bitcoin (BTC) below the $27,000 level on Wednesday, following yesterday’s US retail sales report.

BTCUSD/USD fell to a low of $26,785.41 earlier in today’s session, which came after Tuesday’s peak of $27,223.07.

The sell-off comes in today as bitcoin was unable to clear the key price ceiling at $27,300, turning the sentiment bearish.

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Looking at the chart, the decline also coincided with the failure of the 14-day relative strength index (RSI) to break the resistance point of 42.00.

As of this writing, price strength is tracking at 38.08, and appears to be heading near a support area at 36.00.

If this point has been reached, there is a strong possibility that it will BTC It could slip to as low as $26,000.

Ethereum

In addition to BTCethereum (ETH) also fell below the $1,800 level in today’s session.

After a high of $1,835.55 on Tuesday, ETHA/USD fell to an intraday low of $1,792.08 earlier in the day.

As a result of today’s price drop, Ethereum has approached a long-term floor at $1,790, which is where the price has fallen over the past week.

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is similar to BTCthe RSI here is also nearing a floor of its own, which in this case is at 41.00.

Price strength, which is currently at 41.97, was unable to breach the resistance area at 47.00, which led to today’s decline.

There is a good chance of that ETH That could change course in the coming days, providing the floor at a flat 41.00.

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What is behind today’s drop in cryptocurrency prices? Put your thoughts in the comments below.