After the recent meetings from the US Federal Reserve, it has been clear that the institution is looking for a potential pause after hiking the interest rates 10 times in a consecutive row. The decision has been made amid the fear of a possible mild recession affecting the global economies.
BTC has been trading in the range of $26,300 - $27,500 for a month and the price is now consolidating losses. The next major resistance is near the $27,000 level above which the price might start a decent increase toward the $28,000 resistance. Any more gains might send the price toward the $28,500 level. We could see major volatility in the global stock markets ahead as the US moving towards their potential default if the debt ceiling won't get raised by June 1st, 2023.
At the time of writing this article, BTC is trading at $27,300 with a market cap of $530 Billion, while ETH has a market capitalization of $223 Billion and is trading at $1,850.