From a fundamental analysis, the price of Bitcoin and other cryptocurrencies has recently been affected by some macroeconomic factors. The Federal Reserve is about to release the minutes of its May meeting, and investors are uncertain whether the Fed will pause raising interest rates at the next meeting. About 72% of investors expect the Fed to pause raising interest rates, but this proportion has recently declined. The rapid rise in interest rates over the past year has put pressure on cryptocurrencies, including Bitcoin, because high interest rates make riskier assets less attractive. The rise of cryptocurrencies this year is largely based on the market's expectation that the Federal Reserve will soon end raising interest rates.
Additionally, U.S. lawmakers have yet to reach an agreement on raising the debt ceiling, while the June 1 deadline for a potential U.S. default is rapidly approaching. U.S. Treasury yields have risen due to this uncertainty, which typically leads investors to take a risk-averse approach, which could weigh on Bitcoin prices.
In terms of technical analysis, the price of Bitcoin has seen some downward pressure recently. Currently, the price of Bitcoin is below $27,000 and is expected to face some technical resistance, including price levels such as 28,011, 28,591, 29,171, 29,889, and 29,997. If the price of Bitcoin is able to rebound, these price levels may become the next targets for Bitcoin. However, if the price of Bitcoin continues to fall, some downside price targets may include levels such as 26,308, 26,093, 25,885, and 25,604.
Please note that this information is for reference only and that market conditions may change over time. It is recommended that you seek professional financial advice before making an investment decision. #币安披萨 #BTC
