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After showing flashes of brilliance early in the day, Bitcoin price is now firmly trading under $80K amid fears for a steeper drop.
Bitcoin price slipped on Wednesday after showing flashes of brilliance early in the day. The drop in prices follows the release of US economic job data as Bitcoin (BTC) finds its bearing amid macroeconomic uncertainties.
Bitcoin Price Drops Below $80K
According to CoinMarketCap data, Bitcoin price slipped below the $80K mark again after showing glimmers of promise. BTC is currently trading at $79,511, down nearly 4% over the last 24 hours.
Bitcoin price touched a daily high of $83,541 before sliding toward lows of under the $80K mark. Prices reached as low as $78,456 leaving investors baffled by the price performance.
The flagship cryptocurrency looked set for a parabolic rally following the release of US CPI data. The data revealed that the US CPI inflation rate came in at 0.1%, fuelling optimism for Bitcoin’s massive breakout ahead of an imminent Fed rate cut. Within hours of the data release, BTC soared by 8% before hitting a glass ceiling and sliding below $80K.
Why Did Bitcoin Price Drop?
The BTC price drop is a response to rising global trade tensions fueled by the US and China. The back-and-forth tariffs are pushing investors to pull funds from risk-on assets to safer alternatives. Investors are channeling funds to gold and US treasuries as Bitcoin becomes less correlated with the tech-heavy S&P 500 to earn the tag as an uncorrelated asset.
Bitcoin and other cryptocurrencies face the brunt of the China-US tariff wars. Despite the positive fundamentals in the crypto space, macroeconomic events are affecting Bitcoin in the short term.
However, cryptocurrency analyst Axel Adler describes the macro-driven slump as a healthy consolidation for BTC price. Adler notes that despite the slump Bitcoin price is still showing “resilience to external economic shocks.”
“The current correction looks like a healthy consolidation rather than a sign of a deep crisis as holders perceive market and geopolitical risks less critically than direct technological threats,” said Adler.
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