5 Major Reasons BTC Price Remains Under Pressure

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One of the critical metrics has been in the red for over 50 days now.

Although it has rebounded by $5,000 since its July 1 low at under $58,000, bitcoin remains in a highly pressured market structure that has halted each major breakout attempt.

There are good reasons for that, of course, as multiple factors have aligned to keep it suppressed. Here are five of them.

Macro Landscape
The first reemerged yesterday when the US and Iran broke the ceasefire and initiated new attacks against each other in the Middle Eastern region. The actual threat came hours later when, during a NATO meeting, US President Donald Trump said he believes the memorandum of understanding between the two nations is over.

A new wave of attacks followed earlier this morning before Trump claimed, once again, that Iran wanted a peace deal ‘badly’ and had resumed contact. However, similar statements have been made multiple times in the past, but a deal is yet to be reached.

The second macro reason comes from the Federal Reserve, which continues to refuse to lower interest rates. Moreover, recent reports indicated that several Fed officials considered raising the rates in one of the next FOMC meetings. They justified this with the war’s fallout, as oil prices continue to rise and inflation is jumping in tandem. Similar moves tend to increase the pressure on risk-on assets, such as bitcoin and the altcoins.

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