{"id":395131,"date":"2023-05-18T07:34:18","date_gmt":"2023-05-18T07:34:18","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=395131"},"modified":"2023-05-18T07:39:45","modified_gmt":"2023-05-18T07:39:45","slug":"bitcoin-price-rises-to-27300-how-will-the-debt-ceiling-debate-influence-btc","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-rises-to-27300-how-will-the-debt-ceiling-debate-influence-btc","title":{"rendered":"Bitcoin Price Rises To $27,300 – How Will The Debt Ceiling Debate Influence BTC?"},"content":{"rendered":"

Bitcoin (BTC<\/a>) price has displayed massive volatility since March, with United States macroeconomics lining up between then and May. However, as the releases streamed, the flagship crypto started showing directional bias, delivering a price action with evidence of bullish and bearish pressure.<\/p>\n

The downtrend that started on the second week of the month caused Bitcoin price to plunge around 12% from a high of $29,820 on May 6 to a low of $25,811 on May 12. Nevertheless, a new uptrend series beginning May 14 could see BTC recover from the recent crashes, but a significant bullish catalyst is needed to fuel the rally.<\/p>\n

Bitcoin Price Reaction To US Macroeconomic Woes With Special Focus on Debt Ceiling<\/h2>\n

Bitcoin (BTC) price dipped by almost 2.2% on May 4, bringing the total 2023 dips to a staggering 10%. The downtrend came despite BTC enjoying support from the recent CPI stats<\/a>, which supported a positive shift in market sentiment. Nevertheless, fears about the US debt ceiling and the potential for a recession continue to weigh heavy on BTC and the broader cryptocurrency market.<\/p>\n

Notwithstanding a recent Bloomberg report<\/a> from the Markets Live Pulse survey has indicated that U.S. investors would rather trust their wealth in Bitcoin than the dollar if the U.S hits the debt ceiling.<\/p>\n

As a result, Bitcoin maximalists are now worried about the current BRC-20 Meme Coin frenzy<\/a> and its implication on transaction fees. Since the onset of Ordinals and the advent of the BRC-20 token standard in March, BTC-based meme coins have been on the rise. The meme coin frenzy captured the crypto market, as well, for a while, with Pepe (PEPE<\/a>) and Milady (LADYS<\/a>) tokens making headlines. As it took over Bitcoin too, issues began to arise.<\/p>\n

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BRC-20 – New trend of memecoins? 👀<\/p>\n

Many people got rich because of the hype around memecoins on $ETH<\/a>, but what to do if you didn't buy $PEPE<\/a>? It's time for BRC-20, memecoins on Bitcoin!<\/p>\n

Let's find out more about it!<\/p>\n

🧵 1\/ pic.twitter.com\/xqSoDh7PEt<\/a><\/p>\n

— ElonMoney (@0xelonmoney) May 8, 2023<\/a><\/p><\/blockquote>\n