While Bitcoin was trading at $59,076 yesterday, it dropped to as low as $57,127 during the early Asian trading session today. BTC closed the week at $57,565, once again losing important ground needed to create a bullish reversal. The trajectory is impacted by several factors.
#1: Macro Fears Of A Recession
The looming threat of a US recession is causing palpable tension in financial markets. This is especially pertinent for Bitcoin, which has not yet weathered a full economic downturn since its inception.
As the Federal Reserve gears up for its Federal Open Market Committee (FOMC) meeting on September 17-18, 2024, the discourse around monetary policy has intensified. The anticipation of a rate cut has been cemented by Jerome Powell’s comments at the Jackson Hole Symposium, with the CME FedWatch tool indicating a unanimous expectation of a rate adjustment.
The breakdown of expectations reveals a 69% inclination towards a 25 basis points cut, while a significant minority o
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