Bitcoin (BTC) traded back below $27,000 on May 19 as analysis flagged large-volume trades pressuring price.
Inflation specter haunts crypto markets
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,380 on Bitstamp.
A modest recovery then took the pair to a range familiar from several days prior, this still in focus prior to the week’s final Wall Street open.
Downside overnight came courtesy of increasing market expectations of an interest rate hike by the United States Federal Reserve in June.
These came thanks to low jobless claims data for the week, with Fed officials adding a hawkish tone.
“On the one hand, inflation is too high, and we have not yet made sufficient progress on reducing it,” a speech by board member Philip Jefferson at the 2023 International Insurance Forum in Washington, D.C., stated.
“On the other hand, GDP has slowed considerably this year, and even though the effect has been muted in the labor market so far, demand clearly has begun to feel the effects of interest…