Crypto news: Bitcoin is trying to hold bullish momentum. Volatility increases 📊

• Bitcoin reacted positively to news of the US debt limit increase. BTC miners have recently increased balances
• The price first rose dynamically but failed to stay above $28,000. On May 27, a bullish MACD crossover took place
• Resistance at the 23.6 Fibonacci retracement of the March 10 upward wave at $28,300 proved strong
• A gaining US dollar keeps pressure on risky assets. Smaller cryptocurrencies continue to see little volatility

The preliminary approval of an increase in the US debt limit caused Bitcoin to rally dynamically at the beginning of the week. However, the price was again pushed below $28,000. On May 28, derivatives traders holding short positions liquidated a total of $44 million in short positions, which is a new monthly record, according to CoinGlass data. Are we seeing the beginning of higher volatility in the cryptocurrency market? It seems that its real catalyst may be tomorrow's opening of trading on Wall Street because today trading overseas is not taking place due to a national holiday.

Both cryptocurrencies (BTC) and precious metals are experiencing correction of the upward trend. BTC and silver have fallen by roughly 10% from their 3-month highs. Source: Glassnode

BTC mining hardship hits new record highsAs for the fundamental indicator of the expansion of the Bitcoin network, the trend is upward, it seems that the difficulty of mining is heading for ATH. In the coming days, the hashrate may reach 50 trillion according to BTC.com. The indicator reflects the growing conviction of BTC miners, increasing computing power and consequently high competition in the network itself. Source: BTC.com. Cointelegrapgh

After the large outflow of BTC caused by the collapse of the FTX exchange, the adjusted miners' index shows a balance higher by 8.2k BTC and now stands at 78.5k BTC. Miners are returning to bitcoin storage, increasing their own balances. They keep more of the BTC they dig up in their hands than they sell. This is also a sign in favor of the bulls. Until recently, miners were listed as one of the primary supply groups. Source: Glassnode 

Comparing the previous bull market of 2018/2019 and 2022/2023, the difference may be that in 2019 the hashrate index did not reach new highs until BTC rose 300% above the bottom. Today, the hashrate index pierced twice the previous peak in May 2021 although BTC has risen 75% since the November low. Is the network's expansion accelerating? Source: Glassnode

The spot price follows the hashrate over a long time horizon.Current indicators tracking long-term BTC investors so-called hodlers are not surprising. Investors do not want to sell their BTC every day taking away more cryptocurrency from sellers. As a result, one finds fewer Bitcoins available for purchase. The index of 'hodlers' so-called 'Hodled and Lost Coins' has risen to multi-year highs. With a balance of 7,725,079 BTC, "Hodled and Lost Coins" today account for the largest share of supply since May 2018. Source: Glassnode

Short-term investors who have held BTC for less than 155 days are responsible for BTC price movements. Their average acquisition cost is currently around $26,500 - it is at this level that recent declines have stopped. Onchain data shows that today there are more BTC wallets with a non-zero address than ever, there are about 47 million of them. Source: Glassnode

Bitcoin, D1 interval. The price has been consolidating between the 38.2 and 23.6 Fibonacci retracement of the March 2023 upward wave. Support at $26.500 has been maintained but the bulls have encountered strong resistance at the 23.6 Fibo level. However, looking at the MACD in January and March, the cryptocurrency rose 40% and 50% respectively after a bullish crossover (gray circles). This time the crossover took place on May 27, and it has porpred the upward movement again. Tomorrow US session will be very important for further sentiments. Source: xStation5