The price of Bitcoin is finding it difficult to increase above $27,400 and $27,500. On the hourly chart of the BTC/USD pair, there was a break above a significant bearish trend line with resistance close to $27,140. The resistance level of $27,400 was breached by the pair, but there was no further increase in price. Near $27,511, a high was created, and the price is now falling. The price of bitcoin is testing the broken trend line at $27,150, trading above $27,000 and the 100 hourly Simple Moving Average.The $27,280 level is the nearest immediate resistance, and the $27,400 level is the next significant resistance. The $27,000 level and the 100 hourly Simple Moving Average provide support, and the $27,000 level is also close to the 50% Fib retracement level of the upward movement from the $26,536 swing low to the $27,511 high. News Sorce

According to on-chain metrics, the volume of Bitcoin and Ethereum has dried up, dropping from $40 billion to $11.4 billion for BTC and from $20 billion to $4.6 billion for ETH. The current prices of Bitcoin and Ethereum are around $26,800 and $1,820, respectively. The crypto mega caps saw the second-lowest volume count in almost four years, and altcoin volume has also dried up. Weekly trading volume for both Bitcoin and Ethereum is at historically low levels; for example, Bitcoin’s 7-day average trading volume dropped from more than $40 billion in February to just over $11.4 billion in May. The average trading volume for Ethereum over the past 7 days has dropped significantly, from almost $20 billion in April to just over $4.6 billion in May. This could be a sign that investors are becoming more cautious as market uncertainty increases, which is made worse by people’s general apprehension about risky assets. News Sorce

According to on-chain data-tracking company Lookonchain, a skilled Ethereum whale gained over 10X on Pepecoin (PEPE). BlackRock Fund acquired a total of 1 trillion PEPE at an average cost of $0.0000002431 and sold it all for an average cost of $0.000002627. For unknown reasons, the enigmatic entity withdrew the majority of its PEPE bag from Binance. Another trader on the Ethereum network made significant profits on PEPE, which they later invested back into the cryptocurrency when its price fell. News Sorce

The six-week descending wedge pattern, which has been pushing up the price of cryptocurrencies for the past six weeks, is not something that bitcoin price bulls should bet against. Even though a shorter timeframe analysis yields a neutral result, two derivative metrics indicate that crypto bulls will find it difficult to reverse the downtrend. Concerns about the U.S. debt ceiling standoff are also raised because the Treasury is out of money. The USDC stablecoin’s creator, Circle, has switched out $8.7 billion in Treasuries with maturities longer than 30 days for short-term bonds and collateralized loans from major banks. The American holdings in MakerDAO’s portfolio have increased. The balance of demand from longs and shorts was shown by the neutral seven-day funding rate for Bitcoin and Litecoin. For the past few weeks, the put-to-call ratio for Bitcoin options volume has been below 1.0, indicating a higher preference for call options that are neutral to bullish. The macroeconomic environment is uncertain, so there is no reason for bulls to bet in advance on a quick recovery of the cryptocurrency market. According to derivatives metrics, bears are in a good spot. News Sorce

Obi Nwosu, CEO and co-founder of Fedi, outlines why Bitcoin will be the cryptocurrency king by the end of 2023. He emphasised that Bitcoin has the “fastest, cheapest, easiest, most decentralised, and secure” ecosystem, which he believes will become increasingly obvious by the end of the year. However, he feels that, in addition to Bitcoin, there is room for other cryptocurrencies. Nwosu contends that Bitcoin’s “slow innovation” is a myth, and that innovations are moving at a “incredibly fast” pace, with a focus on generating solutions that are correct the first time. He believes that correcting misinformation and creating systems that encourage the good folks is the key to combating this. Countries who do not believe in free speech are actively considering tight control of Bitcoin. News Sorce