Is Bitcoin Set for a Major Summer Correction?

On Wednesday the third of May, the U.S. Federal Reserve officials have met and decided on a 25-basis-point hike to interest rates to set the benchmark rate at 5.25% as predicted by analysts, traders and market speculators.

The decision was riven by recent bank collapses, which witnessed deterioration in confidence surrounding the banking and finance industry in the United States, and growing fears of contagion are re-emerging which witnessed the price of Bitcoin (BTC) bump 3% higher following the Fed’s decision.

The world’s most popular cryptocurrency did not react so much after the news as it typically does; major decisions by the Federal Reserve tend to create ripples of volatility across crypto markets. Is this an indication that Bitcoin was already priced-in for such revelation?

Technically-speaking, BTC is situated in a symmetrical triangle, with buyers lacking the power needed to break the $32,000 resistance level. A potential deep correction period may be on the horizon and the bull run may end in May for the coin currently priced at $28,886 at the time of writing.

Amid the memecoin frenzy, Bitcoin has witnessed quite the increased trading activity and transaction fees, with Pepe (PEPE) stealing the crypto spotlight this past week as the frog-themed coin propelled beyond market expectations.