© Reuters
Investing.com – Following on from the already bearish last weekend, the crypto lost ground again on Monday, with the cryptocurrency retreating to a low of $27,309 in the evening, down 2.8% from its late high. afternoon around $28,100.
The largest cryptocurrency by market capitalization then rebounded slightly, standing at $27,660 at the time of writing.
To explain this weakness of , many observers have highlighted congestion problems on the Bitcoin network, in connection with the enthusiasm of investors for the PEPE crypto itself based on the BTC network.
Note that these congestion issues forced Binance, the world’s largest crypto exchange, to temporarily suspend bitcoin withdrawals over the weekend.
Withdrawals are now possible again at Binance, but this episode has raised questions about the Bitcoin network’s ability to process large numbers of transactions.
Regarding the next events likely to influence Bitcoin, it will be recalled that US inflation data is expected tomorrow, and could seal market expectations for the next Fed meeting, knowing that for now, the most likely scenario according to the market is no rate hike.
Technical thresholds to watch on Bitcoin
From a graphical point of view, it should be noted that Bitcoin broke below the lower limit of a triangle visible on the daily chart, as well as below the 50-day moving average, which degrades the technical profile of BTC.
Now, the cryptocurrency faces the key support zone of $26,500/$27,000. Then the next potential support will be the 100-day moving average at $25,980 and then the key threshold at $25,000.
On the upside, $28,000 and $29,000 are the first obstacles to take into account, but only a break above $30,000 would clearly tip the scales in favor of a bullish bias.