The crypto market has been lacking some macroeconomic triggers for the last few days, with most crypto outlooks either bearish or in the neutral zone.
After a slow weekend, the crypto market has started the week on the same earlier levels, with Bitcoin devoid of any signs of bullish signals. Liquidity levels in the crypto market remain low, with traders eagerly anticipating any positive news on the macroeconomic front.
The lack of positive volatility has irked a few traders and investors, with crypto outlooks being neutral for the last few days. Since May 13, Bitcoin has been lingering below the small trading zone below $27000, with a few exceptions when it crossed the level momentarily. A dip below $26600 may fail to garner support, and the crypto token may dive even further.
Some experts believed that Bitcoin was gathering support at current levels and gearing up for an upcoming rally. The global economy’s state was still determining the timing of a future rally.
The US economy has been the main hurdle for positive crypto outlooks, with Republicans and Democrats locking horns on raising the current debt levels of the government.
The debt crisis unfolding in the country could spiral in either direction, having a negative effect on the crypto market. If the parties come to an understanding, crypto outlooks may turn bullish for the short term.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on May 22, 2023, with BTC/USD down by around 0.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (27,868.78) as BTC’s 24-hour volume continued at over $13 billion. Bitcoin has seen around 62% returns on a year-to-date basis.