Why did Bitcoin (BTC) rise slow down?
Three important metrics from the US; macroeconomic data, the possibility of a correction in the stock market, and concerns about the upcoming elections put Bitcoin (BTC) under pressure.
The $BTC BTC price increased by 8.2 percent in the seven days until September 25. Rising from $ 59,000 to $ 64,800, $BTC created a bullish atmosphere in the crypto market.
BTC's rise was interrupted by the resistance level of $ 64,500. Cointelegraph touched on three important metrics that constitute the resistance level in question.
It was claimed that the weak outlook in US macroeconomic data reduced risk appetite among investors, and as a result of this situation, purchases in BTC slowed down.
According to the news made by Cointelegraph, recession concerns have emerged in the US. Housing prices in the US fell for seven consecutive months, making the longest decline period since 2009. According to the latest data, the annual decrease of new home sales by 4.6 percent has created anxiety.
Berkshire Hathaway, managed by Warren Buffet, known as the “wolf of the economy,” reduced its shares in Bank of America the other day. The company reportedly made a total of $9 billion in sales in less than three months. Buffet’s creation of $250 billion in cash reserves by selling stocks such as Apple and Bank of America has triggered recession concerns.
In addition to recession concerns, crypto investors are also closely monitoring the US presidential elections. Alex Svanevik, CEO of blockchain analysis platform Nansen, claimed that Democrats will create a hostile environment in crypto. According to Svanevik, if Harris wins, the current administration’s crypto policies will continue.
Bitcoin bulls are supporting Donald Trump in the hope of a Republican victory. While Trump, a Bitcoin supporter, has a high probability of winning against Biden, she is neck and neck with Harris. Some sources say that Harris has a higher chance of winning the elections.
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