Despite recent price volatility, Bitcoin's behavior has been in line with past experience and will likely be driven by the interaction of supply and demand going forward.New supply of Bitcoin declined in May as a result of a decrease in the block reward, but the immediate impact of this has been negligible.Demand for Bitcoin appears to be increasing as a result of DeFi and increasing consumer adoption through low friction channels like Square.Macroeconomic considerations may affect Bitcoin in the short term but are unlikely to be important in the long run.
