Expectations of 'BTC Hitting a New High' Broken: Downward Pressure Intensifies
CryptoNewsTerminal Staff10 Sep, 2024
Expectations of 'BTC Hitting a New High' Broken: Downward Pressure Intensifies
Expectations of a new Bitcoin (BTC) high have been shattered, according to IntoTheBlock, a cryptocurrency market data platform. This shift is attributed to challenging macroeconomic conditions and a slowdown in cryptocurrency adoption. The price of BTC faces downward pressure amidst growing uncertainty, as interest from both individuals and institutions wanes. Interest rate cuts are anticipated, but their positive impact on risky assets may be gradual. On-chain metrics reflect market stagnation, and new user adoption has decelerated. From a cyclical perspective, the current situation resembles a post-halving bear market. However, long-term holders have reduced their holdings post-drop. The market outlook remains unclear, leaving room for both gains and losses.
