Bitcoin is struggling to stay above $27,500 for the past few days.
The cryptocurrency fell slightly below $27,000 on Wednesday but is now trading above that level again.
The buying pressure in the market is currently low, and this may affect the Bitcoin price in the near term.
Bitcoin Price Prediction: BTC is struggling to hold the price above $27,500
Bitcoin, the world’s largest digital currency by market capitalization, has performed poorly so far this week. Over the past 7 days, BTC has lost more than 7% of its value and dropped below the $28k mark.
The leading cryptocurrency posted a sharp drop on Wednesday following reports of it There was a deal From the US government’s BTC wallet.
Bitcoin recovered from yesterday’s dump and continued trading above the $27,700 level. However, the poor performance has resumed, and BTC has lost more than 2% of its value today.
At the time of publication of this news, Bitcoin price It stands at $27,320 and it could go lower over the next few hours.
BTC could drop below $27k soon
Bitcoin has been underperforming since the US inflation figures were released earlier this week. The inflation rate in the United States remains high, which indicates that the Federal Reserve may continue to raise interest rates.
if that happens, BTC could drop below the $24k level In the near term as investors adjust to the new reality.
However, if the Federal Reserve pauses its rate hike, assets like Bitcoin could be one of the biggest winners.
In terms of technical analysis, it is not looking good for Bitcoin in the short term. The MACD line is below the neutral zone, which indicates that there are more sellers than buyers in the market.
Moreover, the 14-day RSI at 38 shows that Bitcoin could enter the oversold zone if the current market condition persists.
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