Bitcoin has been struggling to break above $27,500 for the past few days.
The cryptocurrency dipped just below $27,000 on Wednesday, but is now trading above that level again.
Buying pressure in the market is currently low, which could affect BTC price in the short term.
Bitcoin Price Prediction: BTC Struggles to Hold Price Above $27,500
Bitcoin, the world’s largest cryptocurrency by market capitalization, has underperformed so far this week. Over the past seven days, BTC has lost more than 7% of its value below $28,000.
Major cryptocurrencies recorded a sharp drop on Wednesday following reports of: there was a deal From the US government BTC wallet.
Bitcoin recovered from yesterday’s crash to continue trading above the $27,700 level. However, the underperformance happened again and BTC is now losing more than 2% of its value.
At the time of press Bitcoin price It is currently at $27,320 and could drop further in the next few hours.
BTC could soon fall below $27,000
Bitcoin has been underperforming since the release of US inflation data earlier this week. Inflation in the US remains high, suggesting the Federal Reserve may continue to raise rates.
Then, BTC May Drop Below $24,000 Levels That will be the case in the short term as investors adjust to the new reality.
But if the Federal Reserve pauses rate hikes, assets like Bitcoin could be the biggest winners.
From a technical analysis point of view, things look bad for Bitcoin in the short term. The MACD line is below the neutral zone, indicating that there are more sellers than buyers in the market.
Furthermore, a 14-day RSI of 38 indicates that Bitcoin could enter oversold territory if current market conditions continue.
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