Bitcoin (BTC) remained within a narrow trading range on May 20 despite comments from Jerome Powell, Chair of the Federal Reserve, about policy and inflation.

Bitcoin (BTC) has experienced a volatile week, with its price fluctuating between $26K and $27K as bulls and bears battle for control of the market.

Crypto Rover, a trader and analyst, believes that Bitcoin (BTC) is on the verge of a breakout due to the formation of a parallel wedge on its 3-day chart. However, this may only provide short-term relief instead of a sustained rally.

Bitcoin investors are becoming more bearish as the fear and greed index drops from 65 to 48. The recent drop in Bitcoin's price rally to $30,000 is attributed to macro factors and a lack of clarity on rate hike possibilities from US Fed Chair Jerome Powell.

Bitcoin has been trading within a narrow range after being rejected from the $30K resistance level. The daily chart shows consolidation within a tight range, with the 50-day moving average breaking down around the $29K mark.

The circulating supply of Bitcoin (BTC) and Ethereum (ETH) has reached record lows, with a significant decrease in the amount of BTC and ETH held on exchanges. This suggests a shift in investor behavior, with crypto investors actively buying and withdrawing their coins from exchanges and opting for alternative storage methods. One key reason behind the declining supply of BTC and ETH on exchanges is the increasing popularity of staking, which provides ETH holders with the opportunity to stake their coins and participate in securing the network while earning rewards. The dwindling supply of Bitcoin and Ethereum on exchanges could have significant implications for the broader cryptocurrency market, suggesting a decreasing selling pressure and potentially driving up the prices of both Bitcoin and Ethereum.

InvestAnswers, a well-known crypto analyst, has predicted a potential Bitcoin rally in June due to an upcoming historical bull signal. This signal involves Bitcoin's realized price crossing above the long-term holder realized price, which has historically led to significant rallies. The analyst, who has a large following on YouTube, has pointed out that this pattern has occurred in June in the past, indicating a trend that may extend to June 2023. The anticipated crossover of Bitcoin's RP and LTH RP could signal the next Bitcoin rally, contradicting the common saying "Sell in May, go away."

Bitcoin and other major altcoins are facing resistance levels, indicating the presence of bears at higher levels. BTC has been rejected near the $28,000 resistance level and is currently trading below $27,000. Ethereum has been trading within a range of $1,700 to $1,800. Binance Coin (BNB) has seen a sharp correction, while Cardano (ADA) and XRP are struggling to maintain their momentum. Litecoin (LTC) has been one of the top gainers of the week. The weekly crypto analysis for BTC shows that it is facing strong resistance near $28,000, with bears still in control of the short-term trend. ETH is likely to face strong resistance near $1,900, while BNB may remain range-bound. The next week is crucial for these cryptocurrencies as they may either break out and initiate a bullish rally or remain in the bearish zone.

Bloomberg's senior commodity strategist, Mike McGlone, has warned that all indicators suggest an inevitable recession is on the horizon for the US economy. McGlone points to factors such as the Federal Reserve's tightening policies and declining natural gas and copper prices as evidence of the economy "tilting" towards a severe recession. He also predicts a challenging future for most investment products, including cryptocurrencies and equities. McGlone anticipates a substantial correction for altcoins and suggests that Bitcoin is likely to establish a new bear market bottom amid this period of market turbulence.

The demand for self-custody solutions for Ethereum is increasing, according to Jameson Lopp, co-founder and CTO of Bitcoin wallet provider Casa. Lopp revealed that Casa has seen more Ethereum users seeking their services, prompting the company to extend its support to Ethereum. The collapse of FTX in 2022 and similar incidents have raised awareness about the importance of securely storing Ethereum and Ethereum tokens like stablecoins. To address this concern, Casa integrates best security practices directly into its product, making it easier for users to follow instructions and minimize the risk of catastrophic losses resulting from human error. Casa plans to create a user-friendly self-custody wallet to encourage more individuals to take control of their crypto assets.