Bitcoin has been struggling to stay above $27,500 for the past few days.
The cryptocurrency fell slightly below $27k on Wednesday but is now trading above that level once again.
The buying pressure in the market is currently low, and this could affect the price of BTC in the near term.
Bitcoin Price Prediction: BTC Struggles To Hold Price Above $27,500
Bitcoin, the world’s largest cryptocurrency by market cap, is underperforming so far this week. In the last seven days, BTC has lost more than 7% of its value and has fallen below the $28k mark.
Major cryptocurrencies posted sharp declines on Wednesday following the report there was a transaction From the United States government’s BTC wallet.
Bitcoin recovered from its dump yesterday and started trading above the $27,700 level. However, the bad performance has resumed, with BTC losing more than 2% of its value today.
at press time, bitcoin price It is standing near $27,320 and it is likely to correct lower in the next few hours.
BTC may soon fall below $27k
Bitcoin has been underperforming since the US inflation data came out earlier this week. Inflation data in the United States remains high, indicating that the Federal Reserve may continue to raise its 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 holds off on its rate hikes, an asset like bitcoin could be one of the biggest winners.
In terms of technical analysis, it is not looking good for bitcoin in the near term. The MACD lines are below the neutral zone, indicating that there are more sellers than buyers in the market.
Furthermore, the 14-day RSI of 38 suggests that bitcoin could move into oversold territory if the current market conditions continue.
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