The selling pressure on Bitcoin continues as the cryptocurrency drops by 3% and trades below $27,000. Bitcoin's correlation with technology stocks has weakened since the beginning of 2023, with May marking the first negative monthly closing for the year.

The House of Representatives has passed the debt ceiling bill, which must now be approved by the US Senate before being signed into law by President Joe Biden.

Blackrock CEO Laurence Fink has stated that the recent drama surrounding the US debt ceiling has damaged global trust in the US dollar, potentially benefiting Bitcoin. Fink made these comments as US lawmakers passed a bill to lift the $31.4tn debt ceiling on 1 June.

Bitcoin's correlation with traditional market asset classes has decreased, with its correlation with gold dropping to 11% as of May 31st. Over the past three months, Bitcoin has outperformed major commodity assets like crude oil, gold, and silver, with a growth rate of 14.5%.

Bitcoin is set to end May with a 7% drop, marking its first negative month since December 2020. However, this is an improvement from May 2021 and 2022 when Bitcoin lost 35.38% and 15.56% respectively. Technical selling and macro headwinds, including a stronger US dollar and hawkish Fed speak, have weighed on Bitcoin's price. June historically has been Bitcoin's worst month for price appreciation, with an average appreciation rate of only 7% since 2011. 

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Bitcoin's price has doubled from $15,000 in November 2022 to nearly $30,000 in April 2023, but recent regulatory concerns in the US have caused a decline in the price of Bitcoin and other cryptocurrencies. Despite this, JPMorgan Chase & Co predicts a bull case scenario for Bitcoin, with the potential for the cryptocurrency to reach $45,000 if compared to gold in private investors' portfolios. The upcoming Bitcoin halving event in April or May 2024 is also expected to impact production costs and potentially drive prices higher. JPMorgan has settled a class-action lawsuit for $2.5 million over its decision to treat cryptocurrency purchases with credit cards as cash advances, but has not admitted any wrongdoing.

According to new research by analytics firm Glassnode, Bitcoin is currently in a "transition" phase that could lead to the next bull market top. On-chain metrics suggest that a long-term BTC price bottom has already been reached, despite doubts and downside targets. Glassnode has unveiled a new tool for tracking sentiment among long-term holders (LTHs) of BTC, who are currently in a "transition" phase towards a state of "equilibrium" before the next BTC price cycle top. The short-term holder (STH) cohort, corresponding to more speculative investors, is also being monitored.

Cuba Bitcoin, a group of Bitcoin advocates and activists, held a meetup at the Bitcoin-friendly bar and restaurant Pazillo. The community, which communicates through anonymous social media accounts to hide identities, gathered to discuss the potential of Bitcoin in Cuba. Despite limited internet access and financial constraints, more than 60 people attended the meetup, including a diverse range of individuals from small business owners to grandmothers. The group sold Cuba Bitcoin t-shirts for 1,000 Satoshis ($0.30) to demonstrate the use of the lightning network, and co-founder Forte11 delivered a talk on buying Bitcoin through peer-to-peer exchange using Telegram trading groups.

Sabre56 is transitioning from consulting on bitcoin mining projects to providing hosting services to industry firms, with plans to expand its capacity by 100-200 MW per year after 2023. The company has signed a deal with GEM Mining to host 4,510 of their bitcoin miners at new data centers in Wyoming. Sabre56 raised $35 million in February to build blockchain infrastructure data centers. The mining industry is expected to shrink, with some companies, like Iris Energy, facing bankruptcy and others considering a shift to third-party hosting. The future of the industry is uncertain.