Bitcoin has maintained its trading level above $27000 for the second straight day, but it remains to be seen how long it holds to the crypto sell-offs.
Bitcoin has successfully found itself above $27000 yet again, but the market witnessed a bout of crypto sell-offs in the last 24 hours. Bitcoin came close to going below $26000 but retained strong support at those levels. While the current sentiments are stable in the crypto market, it could turn either way.
Barring a few altcoins, a lot of them had experienced losses on the last day, though the amount was small. Solana, Polygon, XRP, and Dogecoin were all in the red. ETH was trading above $1800, though, in a phase of stagnant movements.
Experts have mentioned that a lot of traders and investors have been observing the markets from the sidelines without active participation in it. It could be the main reason why Bitcoin has been fighting to stay above $27000 for the last 24 hours. While it may test its next resistance shortly, chances for BTC to cross it are uncertain.
On the upside, Bitcoin’s seven-day average losses have reduced to just above a negative 2%, which was due to the mini rally over the weekend. It needs strong support around these levels to consolidate above $27000 and also cross its next resistance above $28000.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27200 on May 16, 2023, with BTC/USD down by around 0.7% in the previous 24 hours. While the crypto sell-offs in the last 24 hours couldn’t bring down BTC below $27000, the next few days are extremely important for the crypto. BTC/USD is trading below its 20-day EMA (28,100.61) as BTC’s 24-hour volume was steady at over $13 billion.