Bitcoin's price has risen by 1.01% to $27,159.74, surpassing the important support level at $27,000. The cryptocurrency has recovered from its losses over the past week due to bullish momentum. However, Rekt Capital, an on-chain analyst, believes that sustained growth requires Bitcoin to breach its key resistance level at $27,600.

Bitcoin traders are closely monitoring the market as the price shows signs of a symmetrical triangle breakout, which could potentially push the price towards the key resistance level of $27,600. However, the rise of the US Dollar and the US debt ceiling talks may limit Bitcoin's upward trajectory.

The cryptocurrency market has been experiencing a period of low trading volume, resulting in Bitcoin and other cryptocurrencies remaining stagnant. However, there are several developments that could potentially shake up the market, including the Bitcoin Spent Output Profit Ratio (SOPR) and the ongoing decline of Bitcoin balance on exchanges.

Chinese pharmaceutical chemical companies that can ship precursors for Fentanyl overseas are accepting cryptocurrencies, such as Bitcoin and Tether, as a form of payment. This was revealed in an investigative research report published by Elliptic, a blockchain analytics firm that specializes in risk management and regulatory compliance.

Google search data for Bitcoin has dropped to a level not seen in two years, indicating a decline in interest in the cryptocurrency industry. Despite the rise in Bitcoin prices in 2023, trade volume and liquidity have been affected by the dwindling interest. This trend has been ongoing since before the 2022 bear market, and regulatory issues in the US may worsen the situation. Institutional and retail investors have been leaving the sector, resulting in significant capital flight. The question remains whether crypto can recover its former glory after the scandals that caused its decline in popularity.

Bitcoin has become the second-largest chain by NFT volume, with a total of $14 million in the first week of May. However, the NFT volume fell to $31 million in the following week after reaching $51 million on May 8. Despite this, Ethereum still dominates the NFT volume, consistently achieving over $60 million on a week-over-week basis. James Van Straten, a research analyst at CryptoSlate, is passionate about data, technology, and identifying trends, and sees Bitcoin as the greatest invention of the 21st century. CryptoSlate's latest market report analyzes the impact of Tether's plan to buy Bitcoin every month and its potential to cause market volatility, putting it in competition with MicroStrategy.

Daily transactions on the bitcoin blockchain have reached an all-time high of 682,000 this month, largely due to the creation of BRC-20 tokens, the first class of crypto tokens to be built on the bitcoin blockchain. This new class of crypto has no specific use beyond speculation, but its nascent popularity points to interest in bitcoin not just as a store of value or payments method, but as the foundation for developing new coins and applications. Some investors and developers view bitcoin's blockchain as a safer long-term basis for creating tokens and applications in the wake of the crypto carnage that followed the collapse of high-profile firms like FTX and a general flight from riskier assets. However, the rapid creation of BRC-20 tokens has led to congestion on the bitcoin network, causing transaction fees to soar and the network to slow down.

The amount of Bitcoin being held without being sold is increasing, and recent market activity has been characterized by a tight trading range. Glassnode, an on-chain analytics provider, reported that a significant portion of Bitcoin supply remains dormant in investor wallets, with several key age bands reaching all-time highs. The supply of long-term holders, or BTC held for more than 155 days, has also reached a new all-time high. These metrics suggest that Bitcoin holders are resolute in their decision to hold onto their coins, with hodling being the dominant market activity at the moment. Despite predictions of imminent market volatility, Bitcoin's price has remained within a tight weekly range, with resistance at $27,600 and support at $26,600.

Bitcoin and other cryptocurrencies saw a slight increase in value on May 22, with Bitcoin trading at $27,382 and a market cap of $530 billion. Ethereum and other top ten altcoins also experienced gains of 3-4% in the last 24 hours. However, caution should be exercised by investors as some of the top digital assets have seen historically low weekly trading volumes. The market's negative sentiment may be due to concerns over the US defaulting on its debt, which could result in a significant market crash, as per JPMorgan chief Jamie Dimon. 

Bitcoin is currently trading above $27,000, but trader Peter Brandt predicts that it may need to experience one more price pullback before climbing higher. Brandt warns against blindly following price analytics and advises protecting one's assets from dogmatic traders. Glassnode, a blockchain analytics firm, reports that Bitcoin is experiencing one of its tightest price ranges in the last three years and suggests that high volatility may be near. However, surging network fees due to congestion caused by unconfirmed transactions may hinder potential bull runs.