"It seems that the price of BTC is weak today, I don't know where it's going to go."
Shortly after cryptocurrency king Bitcoin (BTC) successfully breached $28,000, the price slipped back below $27,800 as day traders reportedly took short-term profits.
The price of BTC reached $28,500, which is the highest level since May 8, 2023 after President Joe Biden and Republican Kevin McCarthy reached an agreement to raise the United States (US) debt ceiling which is approaching its June 1, 2023 date.
The digital asset also saw a significant increase when the US dollar was found to have suffered a drastic fall yesterday.
Although interest rate hikes in the US, United Kingdom (UK) and the European Union (EU) have remained consistent over the past few years, BTC's growth trend has largely been linked to the stock market as well.
Even so, the debt deal could result in BTC prices plunging in the long term as there are concerns about the withdrawal of around $1 trillion of liquidity from the market.
Through observation, the price of BTC is expected to reach $29,343 if it can break through $28,592 but if it fails then the digital asset can slip back to $26,797 or below.
As of this writing, BTC price has plunged by 1.43% to $27,790 in the last 24 hours with a market cap of $538 billion but is still up 2.90% over the past week.
