ChainCatcher news, Matrixport released a new report pointing out that Bitcoin may experience a larger correction.

Matrixport said that since BTC hit a record high on March 5, it has tried to break through three times, but all failed. The first and third attempts failed due to higher-than-expected inflation data. The second attempt also failed due to stronger-than-expected manufacturing data and rising U.S. bond yields, which led to lower expectations of rate cuts.

It believes that there is sufficient evidence that Bitcoin is traded mainly based on macroeconomic data, and unless macro data becomes more favorable, such as lower inflation or weaker growth, Bitcoin may be in trouble.