BTC Price Warning: 4 Reasons Bitcoin Could Drop Further Next Week

Bitcoin tried but failed at $65,000 on several occasions in the past week, and there are now multiple and different signals suggesting that another leg down is on the cards.

From war escalation to ETF withdrawals, let’s dive in.

Macro Factors

Let’s start with the Wednesday developments on US soil when the central bank decided to leave interest rates unchanged. At first glance, this doesn’t sound too bearish, right? After all, the alternative was to hike them, and there was a real possibility.

However, history shows that essentially all recent FOMC meetings, no matter what the outcome was, have been followed by a BTC price correction. Popular analysts have caught this rather negative pattern, which materialized with a $3,000 price decline over the past few days.

On the plus side, we can argue that the Friday correction to a 2-week low of $62,400 has priced in that almost mandatory post-FOMC retracement.

But there’s another macro factor that tends to harm risk-on assets like bitcoin: the war in the Middle East. Tension escalated over the past 24 hours, which included Iran reportedly striking tankers under US escort in the Strait of Hormuz.

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