Bitcoin Stalls Despite Positive Macro Data: What's Behind the Lack of Buying

Bitcoin investors received what should have been a fairly supportive and positive combination of macroeconomic data in the past week, starting with the weak US jobs report last Friday.

The asset failed to produce any significant gains, again. Moreover, it has lost some traction and is actually down on a weekly scale, currently struggling to remain above $63,000.

According to CryptoQuant, Treasury yields declined, while US equities posted some gains after the jobs report. However, BTC has failed to make a move upward.

The analysts added that Bitcoin buyers are nowhere to be seen in the spot market, with such trading activity remaining subdued, and flows into the US BTC ETFs have remained relatively weak in the past several days.

CryptoQuant identified Bitcoin's short-term holder cost basis at around $68,700 as a major obstacle to the asset's path forward. A surge to $65,000 won't be enough to confirm that the broader trend has changed.