Best Crypto to Buy Now 12 May – Bitget Token, Stellar, Cosmos
Bitcoin (BTC) has fallen below the critical support level of $27,000 for the first time in almost two months, raising concerns about the immediate future of the cryptocurrency market.
With skittish macro conditions and lingering uncertainties surrounding the US debt ceiling and the possibility of a recession, the crypto market is facing a challenging periods, right along with other risk assets.
Amidst these recent market developments, what are the best cryptos to buy now?
Bitcoin is currently trading at $26,342 experiencing a 2.07% decline so far today. This adds to a cumulative 11.5% drop so far for the month of May.
The latest Consumer Price Index (CPI) statistics did provide some support for a positive shift in market sentiment.
However, fears about the US debt ceiling and potential economic downturn exerted a stronger downward pressure on BTC and the broader crypto market.
Adding to the hopeful outlook, bullish investors are now eyeing the opportunity to buy the dip if Bitcoin's price drops to $25,000.
Analysis of aggregated order books on exchanges reveals that investors have actively placed limit orders to purchase 8,900 BTC at this price level, significantly outweighing the 5% BTC in sell-orders.
This strong demand, coupled with the confidence of long-term holders, suggests that prices could experience a rapid rise when market sentiment improves.
For the bullish scenario to materialize, Bitcoin needs to overcome the initial resistance at $27,500.
However, a potential hurdle lies in the presence of 1.6 million investors who bought 686,000 BTC at an average price of $27,500. Their sell orders might impede the bullish momentum.
Nonetheless, if the positive Bitcoin price prediction prevails, the bulls could gather enough
Read more on cryptonews.com
