Currently Bitcoin is trading at an average price of $29,700, and Around $1.3 billion Bitcoin outflow has been reported by Glassnode, net outflow standing at $698 million.
The global crypto market is down by 2% from the last 24 hours, standing at $1.23 trillion.
The Bitcoin recorded again is dropping to the lowest by dropping down to $30k, which is its recent drop recorded after the hike of $32k. Which is called a bear fake out from experts and not to fall for this fake out.
Similarly the analysts have also warned about the bear market conditions saying they may continue further for a longer time.
The world’s largest cryptocurrency has dropped by 30% in the month of May, and BTC’s dominance has come down at 46%. Which proved horrific for the global cryptocurrency market.
Crypto Market To Tumble With Intrest Rate Hike
A senior commodity strategist at Bloomberg Intelligence, Mike Mcglone has warned that Bitcoin is standing at an inflection point. Which defines that the asset is standing at the curve where it may travel upward or can take a downfall.
Mcglone had further mentioned about the Federal Reserve’s fighting inflation saying that is a primary headwind for the crypto king Bitcoin and digital asset market at the start of June. whereas the Federal Reserve is looking forward to maintaining the hardening monetary policy.
In addition to this the vice chair of Fed, Lael Brainard said that market pricing for 50 basis points potentially in the months of June and July according to the data, but BTC has reported the prices down by over 2% in the last 24 hours.
However the hike will be less than the expectation and Fed will likely raise rates, says Brainard. Further the U.S has recorded the highest inflation rate in the last 40 years.
Bitcoin Price to See More Loss
Brainard also pointed that the market may consolidate in the same range before dropping down eventually, which might further take a downfall of $22K to $24K price range. With this the Bitcoin down trend may continue ahead, as it may hover around the price support price zone before crashing.