Bitcoin price loses traction as miner profits drop and spot BTC outflows persist
Bitcoin has lost more than 10% in the past two weeks as fear of a US recession, spot Bitcoin ETF outflows and the threat of miner capitulation grows.
Bitcoin (BTC) price dropped 10% over the 10 days ending on Sept. 3, falling from $64,190 to $57,800. This decline occurred despite the S&P 500 index being just 2% below its all-time high and gold trading only $50 away from its historical peak. While some cryptocurrency investors attribute Bitcoin’s dip to the broader macroeconomic environment, other factors are also pushing its price below $59,000.
Source: DamiDefi
Trader DamiDefi explains that Bitcoin has been influenced by recession concerns in the United States, but that trend is stabilizing as the focus shifts to “monetary policy and the US dollar’s performance.” The “bullish narrative” for Bitcoin going forward will hinge on the expectation of a “looser Federal Reserve policy, […] such as lowering interest rates.” Essentially, traders anticipate that the US will be compelled to implement expansionary measures to stimulate the economy.
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Author: Marcel Pechman
