Crypto Price Today: Bitcoin slips below $28,000; Ethereum gives up $1,900; XRP jumps 6%

Bitcoin weakened on Wednesday as it dropped about a percent to slip below and remained below the $28,000 mark, while Ethereum was also in the red and slipped below $1,900.
Bitcoin and other top crypto tokens continued to drop as the risk appetite of investors soured amid the weak Asian trading session. 2023 has been an odd year for crypto as the tokens have been trading range-bound during the calendar so far. However, the trend is likely to continue for some time.

Bitcoin continued to weaken on Wednesday as the largest crypto token dropped about a percent to slip below and remained below the $28,000 mark. Similarly, its largest peer, Ethereum, was also in the red and slipped below $1,900. A majority of altcoins were also trading lower.

Bitcoin reached a price point above $28,000 on Tuesday but has since experienced a slight decline. This movement comes as investors keep a close eye on the progress of the debt ceiling deal and await a crucial House vote on the debt limit agreement scheduled today, said Edul Patel, Co-founder, and CEO at Mudrex.
"BTC's price encountered a downward correction after failing to surpass the resistance zone at $28,500. The immediate resistance level to watch for an upward movement is around $27,850, while support can be found at $27,500," he said.

Barring a few exceptions, all other top crypto tokens were trading lower on Wednesday. However, the cuts were capped. Dogecoin and Avalanche topped among the losers, slipping more than a per cent. Polkadot, Polygon and BNB were the other key losers. Among the gainers, XRP gained about 6 per cent, while Solana and Litecoin were up about a per cent, each.

The global cryptocurrency market cap was trading flat, slipping slightly to the $1.16 trillion mark as it declined less than a per cent in the last 24 hours. However, the total trading volumes jumped about 5 per cent to $30.46 billion.

Despite a recent decline to $27,570, BTC has displayed resilience by bouncing back from this important support level, indicating a restoration of its positive momentum. As long as Bitcoin maintains its position above the 200-EMA on a 4-hour candle at the $27,480 level, there is a potential for further upward movement, said CoinDCX Research Team.

"Ethereum held on exchanges has reached a level that hasn't been seen since July 2016, as more and more ETH is being staked. This decline in exchange balances coincides with a surge in staked ether. Generally, lower exchange balances indicate a bullish market sentiment because it implies limited availability of ether for purchase, thus exerting upward pressure on prices," he said.

Tech View by Giottus Crypto Platform
Litecoin (LTC) is experiencing a minor setback after closing on the green yesterday. Its price action highlights a neutral trend after bullish momentum in the last week. Prices continue to be above the 200-day moving average.
LTC is consolidating between the range of $85 and $95 where it faces immediate resistance. A successful breach could lead to further increases toward the resistance levels of $102 and $106. If LTC fails to withhold the $85 support level at its 200-day MA, it could encounter renewed selling pressure.

Major Levels:
Support: $80, $85
Resistance: $95, $102, $106