Bitcoin Price Stabilises After Visiting the $26,000 Area

Amidst rising hopes for a US debt-ceiling agreement, the original digital asset appears agitated.

Bitcoin's (BTC) price found little support on Thursday as bears pushed the leading cryptocurrency to levels near $26,000 per unit. Bitcoin finished the session roughly 3% lower as US policymakers signalled a potential agreement on lifting the debt ceiling and preventing economic chaos. Friday morning, the price per coin stabilised near $27,000.

Halfway through the second quarter, crypto enthusiasts are struggling to sustain Bitcoin's robust rebound from the first quarter. The original crypto asset acquired a hefty 70% in the first quarter, surpassing the returns of virtually all large cap assets. Since its yearly apex a month ago, Bitcoin's value has decreased by approximately 14%.

On the positive side, the novel asset class has avoided large-scale collapses comparable to those seen in the previous year. Has the cryptocurrency market emerged from a year of bankruptcies and broken promises? Is it time for it to regain its footing? One can only hold out hope.