• Bitcoin (BTC) has been struggling to stay above $27,500 over the past few days and dipped below that mark on Wednesday.
• The buying pressure in the market is currently low and this could affect BTC’s price in the near term.
• Analysts are predicting that BTC could dip below $24k if the Federal Reserve continues its interest rate hikes.

Bitcoin Struggling to Remain Above $27K

Bitcoin, the world’s largest cryptocurrency by market cap, has been underperforming so far this week. Over the last seven days, BTC has lost more than 7% of its value and dropped below the $28k mark. The leading cryptocurrency recorded a sharp dump on Wednesday following reports that there was a transaction from the United States government’s BTC wallet. Bitcoin recovered from its dump yesterday and went on to trade above the $27,700 level. However, poor performance has resumed and BTC has lost more than 2% of its value today. At press time, the price of Bitcoin stands at $27,320 and could dip lower over the next few hours.

Factors Affecting Bitcoin Price

Bitcoin has been underperforming since US inflation figures came out earlier this week as it indicates that Federal Reserve could continue with its interest rate hikes which will lead to investors adjusting to new reality leading to a drop in Bitcoin prices below $24K in near term. On technical analysis front too things are not looking good for Bitcoin with MACD line being below neutral zone indicating more sellers than buyers in market while 14-day RSI of 38 shows that Bitcoin can enter oversold region if current market condition persists for some time.

Where Can I Buy Bitcoins?

eToro is one such platform which offers wide range of cryptos including Bitcoin (BTC), XRP etc alongside crypto/fiat & crypto/crypto pairs where users can connect with & learn from other users or get copied by them for making informed investment decisions related to cryptocurrencies like Bitcoins & others as per their own risk appetite & understanding of markets & associated risks involved therein..


In conclusion it can be said that while sentiment & technical analysis indicators both point towards possibility of further fall in price of bitcoins therein lies opportunity for those who understand markets well enough & have adequate risk appetite as they may be able to make good returns if they manage their investments carefully while keeping an eye on news flows related to bitcoins & other cryptos alongwith macroeconomic news flow like US inflation numbers etc..


The information provided here should be used only for educational purposes only and does not constitute financial advice nor an offer or solicitation for sale or purchase any security or investment product or service nor shall any security be offered or sold through this website or otherwise by any person whatsoever without prior approval from regulators. It is important investors consult a professional financial advisor before taking any decision regarding investments involving cryptocurrencies like bitcoins etc..

Von admin