Bitcoin, the largest crypto asset by market cap, failed to capture the levels above $64,000 again on Monday as unfavorable macroeconomics plunges sustained growth.
Optimism rose among bulls on Monday after Bitcoin surged over 4% in less than an hour to trade above $64,000. However, the bullish push was short-lived as the premier crypto asset dropped from the October 8 high of $64,413 to trade at $62,475 at the time of writing.
Despite bullish sentiments within the crypto community, Bitcoin has failed to sustainably trade at $66,000 since July. Particularly, proponents expecting an explosive run from the asset in âUptoberâ have had their hopes dashed, at least for now. However, report shows that the recent underperformance in the Bitcoin price could be tied to unfavorable macroeconomics. These factors have hindered investor traction to the firstborn crypto asset despite a growing global monetary base.
For context, the amount of money circulating globally appreciated from $104 trillion in June to $108 trillion in October, a factor that has historically driven Bitcoinâs price higher.
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