This bearish technical pattern hints at a double-digit drop in Bitcoin price
Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects. A bearish technical formation has driven down the total crypto market capitalization over the past seven weeks. Bitcoin’s (BTC) 2% decline — and a 1.7% and 2.5% decline from BNB (BNB) and XRP (XRP), respectively — were the main drivers of the most recent 1.3% correction between May 18 and May 25. Total crypto market cap in dollars, 12-hour. Source: TradingView The descending wedge formation initiated in April indicates a possible breakout near $1 trillion by late July. For bulls, the bearish structure that drove the total capitalization to $1.11 trillion on May 25 means that an eventual break to the upside would require extra effort. Bitcoin and Ether falter due to weak macroeconomic data Sticky inflation continues to worry investors, who price in higher odds of further interest rate increases by the United States Federal Reserve. The country’s latest personal consumption e...