Bitcoin falls below $28,000; Ethereum falls $1,900; and XRP rises 6%

Bitcoin fell nearly a percent on Wednesday, falling below and remaining below the $28,000 level, while Ethereum also fell, falling below $1,900.

Bitcoin and other popular crypto assets continued to fall as investors’ risk appetite worsened amid a dismal Asian trading session. 2023 has been an unusual year for cryptocurrency, with tokens trading in a range throughout the year. The tendency, however, is expected to continue for some time.

Bitcoin continued to fall on Wednesday, with the largest crypto currency falling approximately 1% to go below and remain below the $28,000 barrier. Similarly, Ethereum, its largest peer, was in the red and fell below $1,900. The majority of altcoins were also falling in value.

Bitcoin hit a price of more than $28,000 on Tuesday, but has since fallen slightly. This shift occurs as investors keep a tight eye on the debt ceiling deal’s progress and anticipate today’s important House vote on the debt limit agreement.

“After failing to break through the resistance zone at $28,500, Bitcoin’s price fell.” “The immediate resistance level to watch for an upward movement is around $27,850, with support at $27,500.”

All other big crypto tokens were trading lower on Wednesday, with a few exceptions. The cuts, though, were limited. Dogecoin and Avalanche were the biggest losers, both losing more than 1%. Polkadot, Polygon, and BNB were all significant losers. Among the gainers, XRP climbed over 6%, while Solana and Litecoin both gained about 1%.

The global cryptocurrency market cap was trading flat, dipping slightly to $1.16 trillion after falling less than 1% in the previous 24 hours. However, total trade volumes increased by nearly 5% to $30.46 billion.

Despite a recent drop to $27,570, BTC has shown strength by rebounding from this critical support level, signalling a resumption of its positive trend. There is potential for more higher movement as long as Bitcoin remains above the 200-EMA on a 4-hour candle at $27,480.

“The amount of Ethereum held on exchanges has reached a level not seen since July 2016, as more and more ETH is staked.” This drop in exchange balances corresponds to an increase in staked ether. Lower exchange balances, in general, suggest a bullish market attitude because they imply restricted supply of ether for purchase, putting upward pressure on pricing.”