Bitcoin price cools off amid worrying macroeconomic data — Will $95K hold this week?
Bitcoin (BTC) corrected sharply by $2,000 to $93,500 on April 28, influenced by declining US Treasury yields, indicating a shift towards safer assets. Despite a 6% gain over the past week, Bitcoin struggles to maintain levels above $95,000, reflecting broader macroeconomic concerns. Optimism from China's tariff cuts on US semiconductors was dampened by US Treasury Secretary Scott Bessent's comments on trade negotiations. While 73% of US companies reported strong first-quarter earnings, recession risks are rising amid trade tensions. Bitcoin's price is affected by deteriorating macroeconomic conditions, including a significant decline in US existing home sales. A sustained rally above $100,000 requires more than short-term inflows into Bitcoin ETFs and a clearer divergence from stock market trends. Traders are closely monitoring US interest rates and potential changes in the Federal Reserve's monetary policy.
