Crypto prices dip, Bitcoin slides to $26,500 amid debt ceiling stalemate

- Asset prices continued to face selling pressure on Wednesday as the likelihood of a U.S. default on its debt increases with each passing day that negotiations remain gridlocked. The standoff is increasing the anxiety of investors, who have begun to seek out safe-haven assets as a way to protect their wealth.

Data provided by TradingView shows that Bitcoin underwent a sell-off in the early morning hours that pushed the top crypto’s price down to support at $26,800. Things got worse as the day progressed, with BTC falling to a daily low of $26,161 in the early afternoon before bulls managed to bid it back above $26,500.

— Peter Brandt May 24, 2023 Market analyst Rekt Capital corroborated this outlook, saying that BTC needs to reclaim $27,600 as support before it can “shake off this bear bias.”Last week, $BTC confirmed this level as new resistanceNeeds to reclaim ~$27600 as support to shake off this bear bias#Crypto #Bitcoin pic.twitter.com/zmtzL8O3lU

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