Bitcoin trends lower moving towards the bottom of a range created in July when the cryptocurrency scored a multi-year low at $17,600. Now, BTC seems poised for further losses on low timeframes as macro forces remain in control of global markets. Related Reading: Avalanche Sits On A Time Bomb As Price Eyes $10, Will Price Escape This? At the time of writing, Bitcoin (BTC) trades at $19,000 with a 1% and 3% loss in the last 24 hours and 7 days, respectively. Other cryptocurrencies are following the general sentiment in the market with many giving back their low timeframe profits apart from XRP. Bitcoin Trapped Between Global Macro Forces According to trading desk QCP Capital, after the Ethereum “Merge”, the migration from Proof-of-Work (PoS) to a Proof-of-Stake (PoS) consensus, was successfully completed, and the sector lost its final bullish narrative. Now, macro factors are the only thing exerting influence. Thus, Bitcoin, Ethereum, and other cryptocurrencies are increasing their correlation with traditional assets and moving more and more in tandem with global economic forces. In that sense, the upcoming Consumer Price Index (CPI) print for September might put additional selling pressure on BTC’s price. The U.S. Federal Reserve (Fed) is trying to combat the high levels of inflation, as measured by the CPI, by hiking interest rates and reducing its balance sheets. This is causing a negative effect on the value of almost every ...
