Macro Headwinds Block BTC Rally

"Bitcoin has also created a bear flag on the four-hour chart that suggests the gain above $63,000 might not last. If Bitcoin closes below $63,000, the price could drop by 4.5% and reach $60,345."

"The decline left the cryptocurrency roughly 50% below its record high as the bear market that began in October continued."

"Bitcoin fell to $64,985.16, down 1.37% at the time of writing on Thursday, July 23... the rebound was shortlived as the Trump tariffs news rattled the market."

"If markets perceive the Federal Reserve as becoming more hawkish under Kevin Warsh, the dollar could strengthen, particularly if other major central banks begin easing monetary policy sooner than the Fed. Historically, a stronger dollar has often created headwinds for Bitcoin over the short term."

"A stronger US dollar and lower oil prices increased headwinds for Bitcoin, which often trades like a non-yielding asset during risk and rate repricing cycles. Historically, that kind of move can be a tailwind for the dollar and a headwind for Bitcoin, particularly when investors treat BTC as an inflation-sensitive alternative rather than a pure risk-on asset."

"Le acknowledged the broader headwinds, citing three macro forces pressuring Bitcoin: uncertainty around the Federal Reserve’s interest rate path, two ongoing global wars, and a lack of regulatory clarity from Congress on pending crypto legislation."

"Macro headwinds—ranging from rate expectations to FX and geopolitical tensions—continue to shadow bitcoin’s risk-on narrative."

"Bitcoin’s drop back to pre‑election levels suggests political tailwinds alone cannot sustain long‑term price momentum."

"Billionaire investor Mark Cuban, once a vocal supporter of Bitcoin as a hedge against inflation, has reportedly sold most of his Bitcoin holdings."

"Bitcoin's rejection above $83,000 has compounded a pattern of lower highs stretching back to October."