bitcoin price As it continues to trade below $27,000, strategist Michael J. Kramer risks some collapse. mentioned.
watching #bitcoins $btcusd here for potential breakdown. Very good leading indicator for risk assets in general. A breakdown is not a positive for #stocks pic.twitter.com/HEdgXe2nEH
NEWS CONTINUES BELOW— Michael J. Kramer (@MichaelMOTTCM) May 21, 2023
Michael J. Kramer believes that BTC is a pioneer for risk assets in general. The strategist believes that there is a risk of falling below $20,000, and that this may have negative consequences in different areas, especially in the stock market.
bitcoin The price is currently trading around $26,700. While BTC recorded a peak price of $69,044 in November 2021, it is trading at an average of 61% lower than these levels.
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On the other hand, BTC has made several attempts to surpass $27,000 in the past few days. As a matter of fact, these attempts have failed and many names now believe that downside price action is possible.
The problems in the Bitcoin market coincided with the pigeon comments from US Federal Reserve Chairman Jerome Powell. Powell hinted at the possibility of the central bank easing a series of rate hikes due to troubles in the banking sector.
easing in monetary policy and low interest rates, cryptocurrency units are welcomed. however, the trend is not in the expected direction at the moment and the future remains uncertain.
You can follow the current price action here.