Bitcoin Price Struggles to Break Above $80,000 Amid Macro Uncertainty

The Bitcoin price has been struggling to break above $80,000, and on September 9 it was trading at $78,698.99 after a 0.52% decline over the past 24 hours.

According to Galaxy Research, the network activity of Bitcoin has delivered a notable data point ahead of September 9, with 893,391 confirmed BTC transactions on September 6, its fourth-highest daily total ever and above the 99th percentile of historical activity. However, most transfers were small and low-fee, so the high transaction count does not necessarily mean large amounts of capital moved on-chain.

The Bitcoin price is facing renewed macro uncertainty, which is adding pressure to the market. The seven-day correlation with gold has reached 73%, pointing to similar inflation-hedge positioning across both assets.