Bitcoin's Momentum Slows Amid Macroeconomic Uncertainty
Bitcoin's recent momentum has slowed after a sharp rise in value over the past few weeks. According to UNN, citing Bloomberg, the cryptocurrency fell by 2.3% on September 28 to $82,568 before partially recovering its losses.
The decline is attributed to increased macroeconomic uncertainty, which has put pressure on risk assets, including cryptocurrencies and stocks. This came as a new surge in oil prices rose to $105.70 after U.S. President Donald Trump rejected Iran's proposal regarding the Strait of Hormuz.
Other digital assets also declined, with Ether falling by 1.9% and Solana dropping by 3.9%. The recent sell-off follows a rally at the beginning of last week that briefly pushed Bitcoin above $87,000, its highest level since January.
Some investors view this weakness as a pause after strong gains, rather than the end of positive momentum. Richard Galvin, executive chairman of crypto investment firm DACM, stated, 'I don’t think the rally has lost confidence simply because of the weakness of the last few days, which would be expected at some point given the recent strength.'