Major cryptocurrencies were down on Monday night as investors weighed the way forward Debate on the debt ceiling in the United States and concerns about liquidity in the global financial system.

What happened: Crypto markets were quiet on Monday evening as both Bitcoin and Ethereum prices traded below their 20-day moving averages.

The 20-day moving average is a technical indicator used to identify the overall trend of an asset. When an asset is trading below its 20-day moving average, it is considered to be in a downtrend.

At the time of writing, the global crypto market cap was $1.13 trillion, down 0.63% from the last day.

US stocks edged higher on Monday as investors weigh the ongoing debate over the debt ceiling and corporate earnings. The S&P 500 0.3% added while the Nasdaq Composite increased by 0.7%.

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analyst Remarks: “After falling to a two-month low, Bitcoin found support after tentatively dipping below $26,000. “The upcoming debt ceiling negotiations will tell us a lot if investors believe Bitcoin is more likely to become a safe haven asset despite all the regulatory uncertainties,” he said Edward MoyaSenior Market Analyst at OANDA.

He added, “Bitcoin appears poised to remain rangebound, but if risk aversion triggers a moment of de-risking, we could see selling pressure dip below last week’s lows.”

Crypto Analyst Michael van de Poppe is bullish on bitcoin as the cryptocurrency broke out to the upside and tested $27,600.

Van de Poppe tweeted that on the weekly timeframe, Bitcoin is holding the 200-day moving average (MA) and the exponential moving average (EMA), which are bullish indicators.

He believes Bitcoin is likely to…