Bitcoin was dropping back Tuesday after a break out of its recent price, while other cryptocurrencies were mixed.
Bitcoin
was down 0.4% over the last 24 hours to $27,808. The largest cryptocurrency was falling back from levels of above $28,000 which it briefly broke through on Monday for the first time in several weeks.
After several weeks of trading roughly between $26,500 and $27,500, Bitcoin trading has been more volatile over the last seven days. The cryptocurrency sector has entered the political spotlight after Florida Gov. Ron DeSantis voiced support for Bitcoin during the announcement of his bid for the 2024 U.S. presidency last week.
“From a technical point of view, follow the pressure on the first support marked by $26,500-$26,800. Despite seeing sessions with prices below that zone, it seems that the buying pressure is enduring the attacks of the bears,” wrote Javier Molina, an eToro markets analyst, in a research note on Tuesday. “The key area for new gains is marked by $28,500.”
Beyond Bitcoin, Ether —the second-largest crypto— rose 0.1% to above $1,900. Smaller cryptos or altcoins were mixed, with Cardano up 0.3% but Polygon down 2.7%. Memecoins were weaker, with Dogecoin down 1.1%.
Write to Adam Clark at adam.clark@barrons.com
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