Despite high savings interest rates in the US, fewer Americans are opting to deposit their money in savings accounts. This is due to a change in investor behavior and trust, with people moving towards alternative investment and savings options. Traditional savings accounts are losing trust due to increased scrutiny and strict oversight from banks, leading to a rise in Bitcoin adoption as an alternative investment and savings option. Bitcoin's decentralized nature, potential for high returns, and transparency through the blockchain are appealing to users and promoting a sense of community. This shift towards digital currencies is a global trend, reflecting a broader shift in global financial behavior towards digital currencies playing a significant role in global finance.

Azteco, a company based in Santa Monica, California, has raised $6 million in seed funding to develop its voucher system that allows consumers to save, spend, and send small amounts of bitcoin. The funding round was led by Jack Dorsey, with participation from several other venture capital firms and individuals.

Bitcoin, the world's largest cryptocurrency, has been consolidating for the past few weeks, which could indicate an impending price movement. Investors are closely watching for any signs of where the market might be headed. While some investors may be nervous about the recent consolidation, others see it as an opportunity to buy in before the next big move.

The balance of Bitcoin held by exchanges has dropped below 12%, a level not seen since the beginning of 2023. This decrease in exchange balance is due to a significant amount of coins leaving exchanges, with approximately 2.3 million Bitcoin equivalent to the 12% decrease. Binance and Coinbase hold roughly 3.5% (686,000) and 2.3% (461,000) of the Bitcoin respectively. The current halving, with the next one approaching in April 2024, is the first time we have seen a drop in exchange balance.

Bitcoin has risen above $27,000 after a brief dip below that level, with altcoins such as Render Token, Synthetix, and Mas Network experiencing double-digit gains. Last week was more volatile than this week, with the most significant price fluctuations occurring after the US CPI numbers for April were released.

Bitcoin is currently facing resistance at the $27,500 level, despite recent bullish momentum. Tether has announced plans to acquire Bitcoin to diversify its holdings and maintain the 1-to-1 peg of USDT to the US dollar.

The cryptocurrency market is preparing for the potential effects of an economic recession, as the interplay between global economic trends, monetary policy, and the digital asset market is expected to be a significant force in the crypto ecosystem. The Federal Reserve's monetary policies have a significant impact on the economy and the crypto market, and during a recession, the Fed typically lowers interest rates to stimulate economic activity. However, the unpredictability of a recession's onset and duration poses challenges for such policies.

Jordan Peterson, a well-known Canadian psychologist and political commentator, believes that Bitcoin is the only viable alternative to central bank digital currency (CBDC) in a future world dominated by it. In an interview with tech expert and entrepreneur Brian Roemmele, Peterson highlighted how Bitcoin can protect the world from the tyrannical excesses of emerging technologies such as artificial intelligence. He also noted that Bitcoin is decentralized and cannot be controlled by a bureaucracy, making it an ideal option for wealth storage and currency. Additionally, Peterson suggested using Bitcoin as a form of permanent, incorruptible information storage to develop a blockchain corpus of general knowledge questions for running IQ tests and preventing people from gerrymandering the measurement of general cognitive ability.

The momentum in the Bitcoin price has decreased to its weakest level since March, as indicated by a key metric. The Z-score to its 200-Day Moving Average has fallen below 1.0, indicating that the current Bitcoin price is only slightly above its average daily closing price over the past 200 days. Traders are booking profits after this year's impressive rally and are becoming more cautious about how much further Bitcoin might rally over the remainder of the year. However, a Z-score to the 200DMA of just under one has often been a good time to buy Bitcoin, if the cryptocurrency is deemed to be in the early or middle stages of a bull run.

While the US stock markets are showing signs of recovery, the cryptocurrency markets are struggling. Bitcoin has fallen below the $27,000 support level, with institutional investors taking profits amidst macro uncertainty. However, Bitcoin's chart structure remains intact despite a 15% correction from its local high. The article provides an analysis of the top-10 cryptocurrencies, including Ether, BNB, XRP, and Cardano, discussing the support levels that the bulls need to hold for the next rally. The author's views expressed in this article are solely their own and do not necessarily reflect the views of Cointelegraph.