Crypto Market Volatility Continues Amidst Inflation and Debt Ceiling Concerns

Bitcoin's price broke below its 55-day support at $27,000, causing $100 million worth of long BTC futures contracts to be liquidated. Despite regulatory pressure and a stronger US dollar, Bitcoin margin and futures markets displayed strength during the down-move, fueling hope of a recovery toward $28,000. Professional traders using margin and futures contracts did not abandon their bullish stance, indicating confidence that Bitcoin is more likely to reclaim $28,000 than succumb to the next support level near $24,500.