Coinspeaker
Bitcoin Struggles to Maintain Support Level Above $27K amid Weakness in Altcoins and US Stock Market Rebound
Amidst a global shift in economic outlook triggered by the BRICS alliance, Bitcoin (BTC) has been identified as a crucial instrument to hedge against high inflation. However, the Bitcoin price has struggled to rally beyond $28k in the past few days as the mother coin retested around $26.9k in the past 24 hours. According to the latest market data provided through Coingecko and Tradingview, Bitcoin price had dropped about 4 percent since Monday to trade around $27k during the early Asian market on Wednesday.
Nonetheless, the top coin has been consolidating between $31.8k and $24.8k in April this year, despite the high demand from institutional investors. For instance, more than ten fund managers in the United States have applied with the Securities and Exchanges Commission (SEC) to offer spot Bitcoin ETFs. With the recent victory by Grayscale Investments over the SEC
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