Bitcoin has been on a downtrend for the past days recording a 1.8% loss in 24 hours and a 10.5% correction in seven days. The benchmark crypto seems to be reacting to macro-economic factors and could see further downside in the short term. Related Reading | U.S. Mining Company Marathon Now Holds 8,133 BTC. And They’re Not Selling It As of press time, Bitcoin trades at $42,076 after testing the levels around $40,500. Remains to be seen if current levels will hold and if the crypto market will experience recovery or continue its downside trend into the $30,000s. Today’s sell-off was apparently triggered by the release of the U.S. unemployment report. In December 2021 around 200,000 new jobs were added to this country’s economy, far below the expected number above 400,000. https://twitter.com/SquawkCNBC/status/1479445780943491077?s=20 This has increased the possibility, alongside the rise in inflation metrics for the U.S. expected to hit around 7% in the upcoming CPI reports, that the U.S. Federal Reserve will increase interest rates. Thus, creating less favorable conditions for the global market and risk assets, such as Bitcoin. As NewsBTC reported yesterday, some experts believe risk assets could see shaky months and blood in the short to mid-term, but ultimately benefit from a rise in interest rates. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone remains confident that Bitcoin will hit $100,000 in 202...
