Crypto prices stabilize as the debt ceiling and CPI preoccupy investors

- It was a sideways day of price action for the cryptocurrency market as token prices stabilized following Monday’s correction lower while investors anxiously await tomorrow's Consumer Price Index reading to get a better gauge on what may come next from the Federal Reserve in regard to interest rates.

Data provided by TradingView shows that Bitcoin spent the majority of the day trading within a few hundred dollars of the $27,700 support level, which has served as the battleground for bulls and bears over the past day and a half. This has been a consistent level of support since Bitcoin first climbed above $27,000 on March 17.According to Kitco senior technical analyst Jim Wyckoff, the stabilizing price of BTC resulted in May Bitcoin futures trading firmer in the early hours on Tuesday.

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