A sliding Bitcoin has sent analysts buzzing about the current crypto trends, which have been greatly volatile for a number of reasons.
After marking a mild recovery to over $27000, Bitcoin has dipped yet again below $26000 in view of erratic crypto trends for the short term. The market was flush with low liquidity, signaling the lack of active participation of the large scaled bulls.
Analysts also prevented a mixed picture of the crypto trends. While some believe the crypto trends to continue on a mixed note for some more time, others believe it may turn negative shortly. On the other hand, long-term bulls are positive on the crypto market in spite of the current hurdles.
The current debt ceiling negotiations in Washington could also be a reason for the current stress in the crypto market. If the outcome of the talks leads to a favorable result for the economy, investors may get some clarity to enter the crypto market.
Other crypto tokens were trading with mixed results. While Dogecoin, XRP, and Litecoin posted gains, BTC, ETH Solana, and many others were in the red. The crypto market capitalization underwent a 0.7% loss to settle around $1.17 trillion. Bitcoin dominated at $519 billion, while ETH is currently at $217 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on May 17, 2023, with BTC/USD down by around 0.9% in the previous 24 hours. While the crypto trends are currently leaning towards negative, an improvement in global cues could uplift it shortly. BTC/USD is trading below its 20-day EMA (27,969.12) as BTC’s 24-hour volume decreased to just over $9 billion.