TechFlow reports, Matrixport has released a new report indicating that Bitcoin may experience a larger pullback.
Matrixport stated that since BTC hit a record high on March 5, it has attempted to break through three times, all of which failed. The first and third attempts failed due to inflation data coming in higher than expected. The second attempt failed as U.S. bond yields rose on stronger-than-expected manufacturing data, reducing expectations for interest rate cuts.
The firm believes there is ample evidence showing Bitcoin trading is primarily driven by macroeconomic data. Unless macro conditions become more favorable—such as lower inflation or weaker growth—Bitcoin could remain under pressure.
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