No Bitcoin Recovery Soon? Net Outlows Breach $698 Mln

The Bitcoin (BTC) again dropped below the crucial price level of $30k. Recently, BTC went on to touch the $32K price level. However, experts called it bear fakeout and mentioned not to fall for it. Meanwhile, the pundits have suggested that this bear market condition can continue further.
Fed Rate hikes wallop BTC
Last month proved horrific for the global cryptocurrency market. The world’s largest cryptocurrency’s price dropped by around 30% in May. BTC’s dominance has come down to stand at 46%. Mike Mcglone, senior commodity strategist at Bloomberg Intelligence, informed that Bitcoin is standing at an inflection point. This reflects that the token has come to a point where the curve might change to result in a sloping down or upward position.
He mentioned that Federal Reserve fighting inflation is a primary headwind for the Bitcoin and digital asset market at the start of June. As per reports, the Federal Reserve is looking to maintain the hardening monetary police. Lael Brainard, vice chair of Fed, said that from the data it looks like “market pricing for 50 basis points potentially in June and July”. BTC’s prices are down by over 2% in the last 24 hours.
Brainard added that the Fed will likely raise rates. However, the hike will be less than expected. The US inflation rate is recorded highest in the last 40 years.
BTC might slump more
A crypto expert suggested that this Bitcoin down trend may continue ahead. He pointed out that market may consolidate in this range before dropping down eventually. He proposed the BTC might drop to the range of $22K to $24K price range. However, it will hover around the price support price zone before crashing.
Bitcoin is trading at an average price of $29,700, at the press time. As per Glassnode, around $1.3 billion has been flown out of Bitcoin. However, the net outflow stands at $698 million. Meanwhile, the global crypto market is also down by around 2% over the past day. It stands at $1.23 trillion.
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- Walmart’s OnePay App to add Bitcoin and Ethereum trading
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout