"Bitcoin (BTC), Bearish Outlook for January Due to Macro Influences"

JH Kim

Summary

Analysts have warned that Bitcoin could face bearish conditions in January due to macro headwinds.
They highlighted that difficulties are expected in the risk asset market due to the Federal Reserve's hawkish stance and the surge in Treasury yields.
The strong performance of U.S. economic data has lowered expectations for a rate cut, which could negatively impact Bitcoin investments.

Bitcoin (BTC) has experienced a sharp decline over the past two days, prompting analysts to warn cryptocurrency traders that "January could be a dangerous month." According to CoinDesk, a cryptocurrency-focused media outlet, analysts have noted that "macro headwinds for risk assets are expected due to the Federal Reserve's hawkish stance, a surge in long-term Treasury yields, entrenched inflation figures, and the potential for a U.S. government shutdown." Additionally, they mentioned that "due to the strong performance of U.S. economic data, such as the ISM Non-Manufacturing Purchasing Managers' Index released on the 7th, investors have lowered their expectations for a rate cut this year." Meanwhile, BTC is trading at $94,246.19, down 2.19% from the previous day, as of 05:02 on the 9th, based on the Binance Tether (USDT) market.