Fundamental Development:- The U.S. Federal Reserve has released a blog post showing the instability of Bitcoin against the U.S. dollar when buying eggs, however, the crypto community was quick to point out the reality of the situation. The St. Louis Federal Reserve stirred up a mix of amusement and curiosity from the crypto community on Tuesday, May 7, after publishing a post showing how the cost of eggs in Bitcoin (BTC) has fluctuated over the last 14-months compared to the U.S. dollar. On June 6, the Fed research arm posted a blog post titled “Buying eggs with bitcoins - a look at currency-related price volatility.” The post initially features a graph showing the historical price of eggs in U.S. dollars for every month since January 2021, noting that the prices fluctuated between $1.47 and $2.52 over the 14-month period.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $29,700-$29,200 ranges.BTC is made low 29,200 and now consolidating within a range. Yesterday it made high near $31,750 and then it continue to fell down to near 200 simple moving average. Bitcoin is struggling to gain momentum above $29,700.
Alternative Scenario: If Bitcoin fails to clear the $29,700 resistance zone, it could start another upward side momentum. An immediate support on the downside is near the $29,200 level.