The price of Bitcoin (BTC) has been consolidated around the level of $ 30,000 for more than a month, with several factors giving up to the top.
BTC is currently traded on $ 30,318, most of which have not changed from places in early May, according to data from CoinMarketCap.com.
Tokens have dropped more than 50% of the HIT high record in 2021, and dropped 35% so far this year. Most of the losses have been driven by macro-inflation economic factors, rising interest rates and Russian-Ukraine war.
But even with sharp losses this year, analysts worry that BTC has not found the bottom. Forecasts range from $ 28,000 to as low as $ 20,000 before recovery.
Willy Woo said BTC Bottom hasn't entered
The popular crypto analyst Willy Woo said on Twitter that although BTC saw some purchases at a lower price, the token had not confirmed the bottom.
Woo noted that unlike other BTC disposal sites, which tend to have 60% of the total confused holders, only 47% survived the loss this time. This is likely to show that tokens have further losses in the store.
Token still sees a healthy number of institutional purchases. But this is proven not enough to support prices, for now. The majority of traders are still hesitant to buy at a cheaper price, given the worrying macro environment.
More macro pain this week
Reflecting the stock market, BTC has been attached to a tight range this week to anticipate the main US inflation rate on Friday. In-line reading, or even stronger for May, it is likely to trigger massacres in the market, because it will refer to more tightening federal reserve policies.
While inflation has subsided in April, still attached to the highest 40 years. If this trend continues, BTC and Crypto Market are determined for more pain, given that high inflation can trigger economic recession.