Bitcoin (BTC-USD) is trading 1.62% lower at $26,977 today but still remains nearly 62% up so far this year. After briefly touching its 100-day moving average on May 12, the largest cryptocurrency worldwide is now facing resistance at $27,000 levels and could drop back to $25,000 levels if the selling continues.
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Sporadic woes in the banking industry coupled with global macroeconomic jitters continue to impact trader sentiment. Additionally, regulatory challenges remain an overhang for the broader Crypto space.
While Bitcoin is down nearly 11% over the past month, Ethereum (ETH-USD) the second biggest name in cryptocurrencies is also down about 13.3% during this period.
The next trajectory for cryptocurrencies as well as broader markets could possibly hinge on the developments related to the U.S. debt ceiling over the coming weeks.
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