The Bitcoin (BTC) price has fallen below the $30k threshold yet again. The price of Bitcoin (BTC) recently had crossed the $32K mark. On the other hand, experts referred to it as a bear fake out and warned against falling for it. The commentators have predicted that the current bear market will persist for longer.
BTC/USDT: Source: TradingView
It was a terrible month for the crypto market throughout the world last month. In May, the price of the world’s most popular cryptocurrency, Bitcoin, fell by over 30 percent. BTC’s market share has dwindled to 46%. Bloomberg Intelligence senior commodities analyst Mike Mcglone said that Bitcoin is reaching a turning point. Consequently, the token has reached a point where the curve may alter, leading to an upward or downward slope.
Bears Continue Domination
According to him, there is a strong correlation between the Federal Reserve’s efforts to rein in inflation and the Bitcoin and digital asset markets. According to sources, the Federal Reserve wants to retain its tightening control over the currency. “Market pricing for 50 basis points potentially in June and July” is what Lael Brainard, vice-chair of the Federal Reserve, indicated based on the data.
The current downward trend in Bitcoin may continue in the future, and it is noted that the market might remain in this range for some time before finally falling. The price of BTC might fall between $22K and $24K. However, it will float about the price support price zone before collapsing.
At the time of this writing, Bitcoin is trading at an average price of $29,700. Glassnode estimates that almost $1.3 billion has been transferred out of the Bitcoin network. However, $698 million is the net outflow.