Following marginal gains above the $30,000 level during yesterday’s session, Bitcoin, the world’s largest cryptocurrency, once again fell below this point.
Bitcoin reached a high of $30,664.98 on Friday, but these gains were short-lived, as prices fell to a low of $28,793.61 earlier today.
Bulls pushed the price of cryptocurrency assets above $29,200 from a price floor of $28,800, and prices are now up 0.67 percent but still below $30,000 as of writing.
The recent consolidation in bitcoin is due to increased market uncertainty as a result of the Federal Reserve’s recent actions, which has caused investors to steer clear of riskier assets.
This is encapsulated by the fact that Bitcoin has only seen a marginal move in price over the past week, despite all the ups and downs.
Bitcoin’s price is currently down 6.16 percent from its market-opening price this week, as bearish sentiment continues as we enter the final week of May.