The chop continues as cryptos trade sideways, Bitcoin holds $26,500

- It was another day of sideways price action in the cryptocurrency market on Thursday as U.S. lawmakers inched closer to a compromise on the debt ceiling but ultimately entered the long Memorial Day weekend without a deal.

At the close of markets, the S&P and Nasdaq finished in the green, up 0.88% and 1.71%, respectively, while the Dow suffered a slight loss of 0.11%. Digging into the data, Thielen noted that trading volumes have declined, and as a consequence, Bitcoin's price is experiencing downside pressure. “Overall, network“Nevertheless, as negative investor positioning is extreme in equities, the SP500 could experience a large short-squeeze rally which would also help crypto,” he wrote. “Overall, we still believe that risk assets could rally this year as inflation will come down – based on our inflation model which we had previously shown.

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