Bitcoin has dipped below $108,000, testing multi-day lows as its recent rally loses steam. Since May 23, BTC/USD has traded within a tight $3,500 range, repeatedly failing to break above the key $110,000 resistance. Market focus now shifts to the U.S. Federal Reserve, with upcoming meeting minutes expected to provide signals on future interest rate policy. Earlier in May, the Fed held rates steady, with Chair Jerome Powell citing inflation risks linked to President Trump’s tariffs. Traders are also eyeing the April PCE Index and jobless claims data, both due on May 29, following the first Q1 GDP revision—key releases that could influence both traditional and crypto markets.
BTC-USDT Daily Chart:
BTC witnessed a massive rally from the recent low of $74,508 to a new all-time high of $111,980, with the price surging nearly 50%. However, the bulls failed to maintain their grip, as the asset saw minor profit booking at higher levels, pulling back to $106,600. Following this move, BTC has been consolidating and trading in a narrow range between $106,750 and $110,000, with declining volumes. For Bitcoin to rally further, it needs to break, close, and sustain above the new all-time high.
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