Bitcoin Climbs Back To $27,000 In Choppy Trading

Bitcoin and ethereum rose with cryptocurrency prices in a choppy trading day Wednesday. BTC continues to hover around $27,000 as it struggles to reclaim its $30,000 level from April. Still, BTC is off its two-month lows from Friday.

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Cryptocurrency Price Action

Bitcoin rose near $27,300 late Wednesday from its intraday low of $26,580, just above its two-month low of $26,300 from Friday. Bitcoin continues to retreat from its April 14 peak of $31,019 – its highest level since last June. BTC has lost more ground from its $30,000 level since May 5 after a transaction backlog caused the price to dive on May 8. The world’s largest cryptocurrency bolted roughly 63% so far this year.

Ethereum hovered around $1,820 late Wednesday from its morning low of $1,785. Ethereum peaked at $2,139 on April 16 – its highest level since last May and shot above $2,000 for the first time in nearly a year on April 13 following its Shanghai upgrade to a proof-of-stake network. The No. 2 crypto soared nearly 52% year-to-date.

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Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.

Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.

View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.

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Note: MicroStrategy is a software company that converts its cash into Bitcoin and heavily invests in cryptocurrency. Former CEO and Board Chairman Michael Saylor claims MSTR stock is essentially a Bitcoin spot ETF.

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