Why Isn’t Bitcoin (BTC) Price Rising Lately? Coinbase Official Report Reveals the Reason Behind the Weakness

• In its latest report, cryptocurrency exchange Coinbase delves into why Bitcoin prices have not seen a significant increase recently.
• Coinbase suggests that Bitcoin’s recent weakness is more linked to global markets than any crypto-specific factors.
• Despite the pullback, Coinbase maintains its optimism, citing the historical range of Bitcoin’s maximum drop from its peak.

Coinbase’s latest report explores the reasons behind Bitcoin’s recent price stagnation, suggesting a link to global markets rather than crypto-specific factors.

Bitcoin’s Recent Weakness Linked to Global Markets

In a recent research report, Coinbase pointed out that Bitcoin’s recent weakness is more tied to global markets than any crypto-specific factors. Bitcoin, the world’s largest cryptocurrency, recorded its biggest monthly drop since June 2022, falling by 16% in April. Coinbase noted that both stocks and gold have been trading lower since reaching high levels in mid-April, indicating that Bitcoin’s recent weakness is not exclusive to the crypto markets and does not signal sector-specific capitulation.

Coinbase Maintains Optimism Despite Pullback

Despite the pullback, Coinbase maintains its optimism. Analysts David Han and David Duong wrote, “What makes us optimistic in this pullback is that BTC’s maximum drop from the peak is 23%, which is below the historical range.” The authors believe that the general trend of decreasing declines will continue, partly due to the legitimization of BTC as a macro asset. This situation is reinforced by spot ETFs in the US, Canada, and Europe, as well as recently launched ETFs in Hong Kong and new applications in Austra... Read the full article for FREE at COINOTAG!