Matrixport: BTC may experience a larger pullback

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

Matrixport stated that since BTC hit an all-time high on March 5th, it has attempted to break through three times but failed each time. The first and third attempts failed due to inflation data exceeding expectations. The second attempt also failed as manufacturing data outperformed expectations, causing US bond yields to rise and reducing rate cut expectations.

They believe there is sufficient evidence to suggest that Bitcoin trades primarily based on macroeconomic data. Unless macro data becomes more favorable, such as lower inflation or weak growth, Bitcoin may face challenges.