"Actually, the movement of BTC is horizontal, the price doesn't know where to go anymore."
After reaching $27,500, the price of cryptocurrency king Bitcoin (BTC) plunged back below $27,000 as investors remained focused on the ongoing debt ceiling talks in Washington.
Not only that, investors who are waiting for regulatory clarity also caused the price of BTC to fall, commented Oanda senior market analyst Edward Moya, adding that they will be less interested if the crypto does not recover in the near future.
While over $20 million BTC futures have been liquidated in the past four hours, 87% of which are long positions and bets on higher prices.
In an interview, Ninepoin Partners managing director Alex Tapscott said that BTC lately has often performed more like a technology stock than a store of value.
Tapscott said again, all assets last year were said to be very weak against the United States (US) dollar as many individuals believed more in the US Treasury and USD than other assets.
Although some analysts view the debt ceiling debate as a possible boost to safe-haven assets such as BTC and gold, Tapscott remains unconvinced that the price of BTC can soar high for now.
As of this writing, BTC price has plunged by 1.88% to $26,809 in the last 24 hours with a market cap of $15 billion and has slipped around 0.29% over the past week.
While the second largest crypto Ethereum (ETH) is down 1.25% at $1,789 in the last 24 hours but is still up 0.57% in the last seven weeks and Ripple (XRP) is up 3.67% at $0.46.
