Top Cryptocurrencies, Bitcoin Prices Today, May 31: As investor risk tolerance declined despite the lacklustre Asian trading session, Bitcoin and other popular crypto coins kept falling. Since the tokens have been trading in a narrow range throughout the calendar year, 2023 has been an unusual year for cryptocurrencies. But the pattern is probably going to last for a while.

On Wednesday, Bitcoin lost more ground as the biggest cryptocurrency token fell by around 1 percent, slipping under the USD 28,000 level and remaining there. Similar to this, Ethereum, its biggest rival, too experienced losses and fell below USD 1,900. Most altcoins were also trading at lower prices.

On Tuesday, the price of Bitcoin surpassed USD 28,000; however, it has since started to decrease slightly. According to Edul Patel, co-founder and CEO of Mudrex, this movement comes as investors closely monitor the status of the debt ceiling agreement and await today's important House vote.

"BTC's price saw a negative adjustment after failing to overcome the USD 28,500 barrier zone. Around USD 27,850 serves as the immediate resistance level to watch for an upward trend, while USD 27,500 serves as support, according to him.

All other major cryptocurrency coins were trading lower on Wednesday, with a few notable outliers. The cuts were nevertheless limited. Avalanche and Dogecoin were the biggest losers, falling more than 1 percent each. The other significant losers were BNB, Polygon, and Polkadot. Among the gainers, XRP increased by approximately 6 percent, Solana by about 1 percent, and Litecoin by about 1 percent.

The market capitalization of all cryptocurrencies was trading flat, falling slightly to USD 1.16 trillion, and it had dropped less than 1 percent during the previous day. The total trade volume did, however, increase by nearly 5 percent to USD 30.46 billion.

BTC has shown tenacity by rebounding from this crucial support level despite a recent dip to USD 27,570, signalling a return of its upward momentum. There is potential for further higher movement as long as Bitcoin keeps its position above the 200-EMA on a 4-hour candle at the USD 27,480 level, according to the CoinDCX Research Team.

Bitcoin slips below $28,000, Top Cryptocurrency prices today, May 30