According to Glassnode's lead on-chain analyst James Check, Bitcoin may experience a period of volatility within the price range of $40,000 and $22,000.

On-chain data from Glassnode shows a deviation in the current Bitcoin cycle from previous patterns. Unlike previous cycles where exchanges received a large number of net inflows, the current epoch has seen investors withdrawing around 680,000 BTC from these platforms.

According to data from Santiment, sharks and whales have been accumulating stablecoins like USD Coin, Dai, and Binance USD, which could potentially be bullish for Bitcoin. These large investors have improved their share of the total supply of stablecoins, as shown by the "Supply Distribution" indicator.

Bitcoin and other major cryptocurrencies experienced a decline in prices due to poor U.K. inflation figures, with Bitcoin falling below $27,000. The core Consumer Price Index for the U.K. in April was 6.8%, the fastest pace of core inflation since 1992 and higher than the consensus forecast. This news is likely to increase pressure on the Bank of England to raise interest rates.

Bitcoin is set to undergo its fourth halving in less than a year, and there is already speculation about how it will affect the asset's price. The halving event occurs every 210,000 blocks and reduces the annual supply by half.

Bitcoin (BTC) has experienced intermittent declines and dropped below the $27,000 threshold, leading experienced trader Peter Brandt to identify a bearish pennant pattern formed by the asset on its daily chart. According to Brandt, the pennant signals a short-term bearish price movement for Bitcoin unless the asset is able to close above the mid-point highs.

In the latest episode of The Market Report, Marcel Pechman discusses why Bitcoin is currently hovering around $27,000 and how the macroeconomic situation is crucial for a potential breakout. The show also examines Joe Biden's comments about crypto traders being tax cheaters.

Hong Kong has confirmed that it will allow retail trading of certain cryptocurrencies starting from 1 June. This move was widely expected and is part of Hong Kong's broader effort to become a global crypto hub. Bitcoin reacted positively to the news, rising 1.7% to $27,293.64. However, Bitcoin and Ether are on track for their worst month of 2021, with historically low levels of weekly trading volume reported for major crypto assets. Experts anticipate that the cryptocurrency market will continue to consolidate and trade in sync with the overall market outlook, with a potential shakeout before a rebound as fears of an impending recession loom in the second half of 2021.

Bitcoin (BTC) is currently experiencing low trading volume and liquidity, resulting in whales and sharks accumulating stablecoins such as USD Coin, Binance USD, and DAI Stablecoin to increase their future buying power. Additionally, some lesser-known altcoins like Porspoer $PRO, Banqi $QI, and Maker $MKR have also been accumulating by $100k-$1m tier of wallets. However, investors should exercise caution as the number of wallets holding 1m to 10m RNDR has rapidly increased, making Render Token (RNDR) the third-highest whale transaction over the past month. 

Pepe Token, a recently launched meme cryptocurrency, has generated more social media mentions in the past 30 days than Bitcoin and Ethereum combined, according to data from LunarCrush. However, the increased social activity does not necessarily equate to fundamental value or market performance, and traders caution that resistance levels on the token's chart could present shorting opportunities. Market analyst Michaël van de Poppe suggests that every block of resistance could potentially be an area to short the market, and advises shorting the token until it reaches support levels at $0.00000147, $0.00000115, or even as low as $0.00000085. Despite its extraordinary growth, some experts believe that Pepe Token is a scam.