Matrixport: BTC may experience a larger pullback

ChainCatcher news, Matrixport released a new report indicating that Bitcoin may experience a larger pullback.

Matrixport stated that since BTC reached an all-time high on March 5, it has attempted to break through three times, all of which ended in failure. The first and third attempts failed due to inflation data being higher than expected. The second attempt also failed as U.S. bond yields rose due to stronger-than-expected manufacturing data, leading to a decrease in interest rate cut expectations.

They believe there is ample evidence that Bitcoin is primarily traded based on macroeconomic data, and unless the macro data becomes more favorable, such as a decrease in inflation or weak growth, Bitcoin may struggle.