Bitcoin price has been trading between $26,700 and $28,000 for the past few weeks. Currently, the crypto market is under pressure from the bears. Bitcoin news and predictions in our content.
Currently, the attention of investors is focused on the US default and the discussions surrounding it. To date, the stalemate in debt ceiling negotiations and uncertainty around the Fed’s interest rate decision has worried the market participants, which may cause an increase in the volatility of the market.
It is possible to raise the price of Bitcoin amid Bear Dominance and global economic uncertainty
The prospect of a US government default damaged investor confidence after the US Treasury announced that it expects to default on June 1 without raising the debt ceiling. President Joseph Biden and Speaker of the House Kevin McCarthy have shown their determination to reach an agreement to raise the national debt ceiling by $31.4 billion.
In Europe, inflation rose to 7.0% in April from 6.9% a month earlier, mainly due to higher prices for labor and energy. Core inflation, which excludes food and fuel, slowed to 7.3% from 7.5%, according to Eurostat. Another interest rate hike can be expected as inflation is still above the European Central Bank’s 2% target.
There is also no success in the cryptocurrency market. Meanwhile, the price of Bitcoin cannot cross the threshold of $27,500. Is it possible in such a situation to move the Bitcoin exchange rate to profit? There is such an opportunity.
The fact is that the resistance that is tested regularly can be considered as a good sign and part of the trading process. This may be an indication that Bitcoin is continuing to trade in the face of a bullish rally. Bitcoin News and Predictions: What will the price of Bitcoin be in the next few days
In fact, the price of Bitcoin cannot get above the $27,500 mark. However, the fact that the cryptocurrency does not decrease in value at the level of 26,000 shows that Bitcoin is still attractive to investors. Therefore, it is not worth waiting for the Bitcoin exchange rate to fall below 26,000.
Most likely, the price of Bitcoin in a day or two will be between $ 26,500 and $ 27,800 without a sharp increase in value.