$BTC Why has Bitcoin (BTC)'s rise slowed?

Three important US metrics; macroeconomic data, the possibility of a stock market correction, and concerns over the upcoming elections have put Bitcoin (BTC) under pressure.

The price of $BTC BTC increased by 8.2% in the seven days to September 25. Rising from $59,000 to $64,800, $BTC created a bullish atmosphere in the cryptocurrency market.

BTC’s surge has been halted by the $64,500 resistance level. Cointelegraph covered 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, BTC purchases slowed down.

According to Cointelegraph, concerns about a recession have emerged in the United States. U.S. home prices have fallen for seven consecutive months, the longest period of decline since 2009. According to the latest data, a 4.6% annual decline in new home sales has created anxiety.

Berkshire Hathaway, run by Warren Buffett, known as the “wolf of the economy,” cut 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. Buffett’s $250 billion cash reserves by selling stocks like Apple and Bank of America have sparked recession concerns.

In addition to recession concerns, crypto investors are also closely monitoring the US presidential election. Alex Svanevik, CEO of blockchain analytics platform Nansen, has stated that Democrats will create a hostile environment for crypto. According to Svanevik, if Harris wins, the current administration’s crypto policies will continue.

Bitcoin bulls are backing Donald Trump in hopes of a Republican victory. While Trump, a Bitcoin supporter, has a high probability of beating Biden, she is neck and neck with Harris. Some sources say Harris has a better chance of winning the election.