Bitcoin price falls under $30K as macro and regulatory worries take center stage

Multiple data points point to Bitcoin price falling below $29,000 in the short term.

Yes, you read that right.

Let’s investigate the main issues contributing to the current downside in Bitcoin price.

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Macroeconomic trends do not favor crypto

The macroeconomic environment has not been favorable for Bitcoin and risk-on assets. China’s GDP growth slowed to 6.3% in the second quarter, falling short of market expectations, with factors such as the ongoing trade war with the United States and the government’s efforts to address debt contributing to the slowdown.

Considering the external factors and pending court decisions that could negatively impact the two largest exchanges, the odds of Bitcoin breaking below $29,000 have increased. This creates a favorable scenario for bears, causing the $30,000 resistance to gain strength.

Bitcoin price could dip under $29,000 this week

There appears to be no specific catalyst restricting Bitcoin’s upside potential, aside from worsening macroeconomic conditions and indications of further interest rate increases by the Federal Reserve in 2023.

From a trading perspective, BTC futures show higher confidence among professional traders using leverage. However, the sell pressure from retail investors in Asia limits the overall upside for cryptocurrencies.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.