3 reasons why Bitcoin (BTC) struggles to hold $64.5K

Bitcoin lost momentum as weak macroeconomic data, fear of a stock market correction, and worries over the upcoming US elections impacted investor sentiment.

Bitcoin (BTC) price surged by 8.2% over the seven days leading up to Sept. 25, rising from $59,886 to $64,816. However, the $64,500 resistance level proved more challenging than expected. This same level was last tested a month prior, on Aug. 25. Weak macroeconomic data contributed to a decreased risk appetite among investors, but other factors also played a role in sparking a Bitcoin price correction on Sept. 25.

According to Yahoo Finance, the median new home sales price in the United States fell 4.6% year-over-year in August, following the fastest price increases since early 2022. Home prices have now declined for seven consecutive months, marking the longest stretch of declines since 2009. Notably, housing inventory remains near record highs, with 467,000 completed homes currently available for sale.

US new home sales, thousands. Source: Continuum Economics

Bitcoin lost momentum as weak macroeconomic data, fear of a stock market correction, and worries over the upcoming US elections impacted investor sentiment.
Bitcoin (BTC) price surged by 8.2% over the seven days leading up to Sept. 25, rising from $59,886 to $64,816. However, the $64,500 resistance level proved more challenging than expected. This same level was last tested a month prior, on Aug. 25. Weak macroeconomic data contributed to a decreased risk appetite among investors, but other factors also played a role in sparking a Bitcoin price correction on Sept. 25.According to Yahoo Finance, the median new home sales price in the United States fell 4.6% year-over-year in August, following the fastest price increases since early 2022. Home prices have now declined for seven consecutive months, marking the longest stretch of declines since 2009. Notably, housing inventory remains near record highs, with 467,000 completed homes currently available for sale.US new home sales, thousands. Source: Continuum EconomicsRead more