Crypto week at glance: Markets turn volatile amid ongoing debt ceiling discussions and rising inflation

economictimes.indiatimes.com:

debt ceiling stalemate and rising inflation in the UK. Bitcoin, in particular, has been witnessing significant fluctuations, trading between the range of US$26,000 and US$27,500 in recent days. On Thursday, BTC dropped below the US$26,000 level, as bearish pressure intensified in the market. This decline led to BTC reaching its lowest point since May 12th, touching a bottom of US$25,810. In the past 24 hours, Bitcoin's trading range has revolved around the US$26,400 level, showing a gain of over 1%. This increase can be attributed to the release of stronger-than-expected unemployment and productivity data in the United States. However, market sentiment remains heavily influenced by the ongoing negotiations surrounding the debt ceiling, which continues to capture investors' attention. Bitcoin has seen a decline of 9% in its month-to-date performance. Currently, BTC faces a resistance level at US$26,471. If the price manages to close near this level, it could potentially pave the way for further upward movement towards the US$26,600 and US$27,000 levels. Shifting focus to Ethereum, the second largest cryptocurrency, it has recorded a minor gain of 1.8% over the past 24 hours, with the currency trading around US$1,814. Ethereum has shown positive momentum over the past four days. While it has experienced a decline of over 4% in the month-to-date performance, it has surged by more than 50% year-to-date, showcasing its overall upward trend.

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