The ongoing debt ceiling negotiations in the United States are causing concern for traders, with JPMorgan Chase CEO Jamie Dimon warning of potential panic in the stock markets if the government defaults. The impact on Bitcoin is also a concern, with Bloomberg's Markets Live Pulse survey suggesting it could become the third most preferred asset class behind Gold and U.S. Treasuries. Billionaire fund manager Paul Tudor Jones has stated that he is holding onto his Bitcoin and will always have some portion of his portfolio in it. Technical analysis suggests a range-bound action in the short term for the S&P 500 Index, Bitcoin, and major altcoins, with important support and resistance levels to watch for.
The ETH/USDT pair may face resistance at higher levels, potentially leading to a retest of immediate support at $1,740. BNB has found strong support at the $300 level, and a break above the moving averages could lead to a rise to overhead resistance at $338. XRP is trading below $0.43, but a push above this level could lead to a rally to $0.48 and $0.54. DOGE's $0.07 support level has been successfully guarded by the bulls, but a turn down from overhead resistance could lead to a slide to $0.06. SOL's rebound off support at $19.85 may face resistance at the downtrend line, while MATIC is attempting to recover to the breakdown level of $0.94.
Investment and trading moves involve risk, and readers should conduct their own research before making any decisions. This article is for general information purposes only and does not constitute legal or investment advice. The views expressed are solely those of the author and do not necessarily reflect those of Cointelegraph.
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