The total crypto market dropped by a margin of approximately 1.5 percent on the last day of May, with Bitcoin and Ethereum prices down by about 2 percent to trade around $27.19k and $1,879 respectively. The sudden price reversal almost obliterated the gains made last weekend as traders rushed to fill a recent Bitcoin CME futures gap.
Nevertheless, there are two gaps that are unfilled and could lead to huge volatility in the coming weeks. The first one is around $29.6k and the other is around $20k.
The cryptocurrency market has been reacting to macroeconomic changes including the high inflation affecting most countries. Nevertheless, a decline in crypto liquidity caused by ongoing crypto regulatory scrutiny in the United States has increased the bearish outlook in the short term.
On Wednesday, Bank of Japan (BOJ) Governor Kazuo Ueda, noted that countries around the world are struggling to combat the rising inflation despite the tightening monetary policies. As a result, Ueda noted that many central banks including the Fed have been forced to raise interest rates aggressively to combat the high inflation.
The crypto market is getting more bearish since Bitcoin has been trapped in a falling trend since mid-April. Bitcoin price has experienced a logarithmic falling resistance on the higher time frames that could soon push the instrument below $26k.
Similarly, Ethereum has been falling in the past seven weeks, thus influencing the larger altcoin industry into a bearish outlook.
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