CryptoSlate's latest market report delves into the macro factors in the U.S. that could shape Bitcoin's price in the near future. The report provides an in-depth analysis of the current chaos in the market and its impact on Bitcoin. Authored by Andjela Radmilac, the report is a must-read for those interested in the cryptocurrency market.

On Thursday, the global digital asset market saw red indexes after a relief rally due to lower CPI data. Bitcoin, the world's largest crypto, experienced major volatility as its price dropped below $27k after trading above $28.2k. Despite a marginal decline over the past day, Bitcoin saw a slight recovery to regain the crucial $27k and is currently trading at an average price of $27,414 with a 24-hour trading volume of around $21 billion. However, Bitcoin's dominance has decreased by 0.07% over the past 24 hours and its price is down by more than 7% over the past 7 days.

Bitcoin and Ether, along with other top non-stablecoin cryptocurrencies, experienced a decline in trading during Thursday afternoon in Asia, with Polygon's Matic leading losses for the second day in a row. Meanwhile, Asian equities were mixed following China's consumer price index report, and U.S. stock futures strengthened after consumer inflation unexpectedly slowed in April. NFT sales on Ethereum saw a surge in the past 24 hours, thanks to the Milady Maker NFT collection, which experienced a 2606% increase in sales. Investors are now looking ahead to the Bank of England's monetary policy decision, which is scheduled for today.

Bitcoin struggled to recover from recent losses on May 11th after false rumors of US government sales caused a flash sell-off the day prior. However, analysts have denied these claims and data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $27,400 at the time of writing. Despite this, some traders are forecasting lower levels to come, with a target zone around the $25,000 mark. On a positive note, on-chain transaction fees have deflated considerably after reaching levels that had caused widespread uproar.

Marathon Digital Holdings, a major crypto miner in North America, reported a narrower-than-expected loss in Q1 due to the rising price of bitcoin and increased production. The company received another subpoena from the SEC regarding related-party transactions that may have violated federal securities law. Despite facing construction and operational challenges last year, Marathon increased its production and operational hashrate by 64% quarter on quarter to 11.5 exahash/second. The company is also expanding its operations into the Middle East with a joint venture for a 200 MW immersion cooled facility in Abu Dhabi.

CleanSpark, a US-based Bitcoin mining company, has reported that it doubled the number of Bitcoin mined last quarter compared to the same period last year, but revenue only increased by 14%. The company's CFO attributed the stunted revenue growth to low Bitcoin prices. However, CleanSpark's improved hash rate puts it in a good position to take advantage of even the slightest increase in Bitcoin prices. The company is also preparing for the next halving event, which is expected to occur next April, by adding more mining computers to its facilities and striving to use renewable energy sources.

The Bitcoin network's transaction backlog, known as the mempool, is still congested with over 390,000 transactions awaiting processing by miners. To clear the mempool, more than 190 blocks need to be mined. Former Bitcoin developer Gavin Andresen expressed concern about the software's scripting language, which he found complicated and potentially insecure.

The popularity of meme coins and NFT trading on Bitcoin has led to a surge in transaction fees and blockchain congestion caused by Ordinals. A Bitcoin code contributor, Luke Dashjr, has proposed implementing "spam filtration" as part of Taproot transactions to block Ordinals and BRC-20 tokens.

Bitcoin is facing resistance at the $28,200 level and is currently trading below $28,000 and the 100 hourly Simple moving average. A bearish trend line is forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.

Bitcoin experienced a slight drop in value on Thursday, trading at around US$27,500 after briefly surpassing US$28,000 on Wednesday due to a slowdown in U.S. inflation. The departure of major market makers Jane Street Group and Jump Crypto from cryptocurrency trading in the U.S. due to unfavorable regulations has raised concerns about liquidity. Among the top 10 non-stablecoin cryptocurrencies, Ether experienced the largest loss while Polkadot saw the greatest gains. Meanwhile, U.S. equity futures rose as inflation eased in April, leading to speculation that the Federal Reserve may pause its interest rate hikes in June.