Bitcoin continues it's pattern since March of this year now rolling into it's 7th month of bouncing from $60,000 - $70,000 price range. In fact we just bounced from $64,500 back down to $62,000 showing us that bitcoin still is not ready for it's bull run and continues to just hover in this base line platform either getting ready to break out or come crashing down.
So why does bitcoin continue to struggle to this day and hold on to it's "launch pad" price wall?
It feels like the price wants to break out but then again the world is a freakin mess at the moment and well investors don't like the unknowns.
These unknowns range from...
Right now in the USA there is a rather big presidential election coming up. Between Trump who is over the top pro crypto and will most likely hold his promises for what he says and then Harris who really is not pro crypto and is said she will keep the overly abusive Gary SEC dude in power. It really boils down to if you're very pro crypto then you should vote trump and if you're not then Harris. One will survive the other will nearly kill crypto. It's a big unknown at the moment which we won't know about until early November so only a month away now.
BTC futures are seeing a increase of outflows including their ETF counterparts. This again is showing signs that people are getting warry about the state of things.
War continues to escalate around the world. The war in Ukraine has only gotten bigger and the war in Israel now continues to expand. While war can be great for a economy in struggle it's only great for the winning side and the side that's clearly winning. In both cases it's a rather big uneven mess at the moment.
Overall the sentiment around any investment is a little iffy as reports are still wild coming in from around the world. Now remember that bitcoin is a global currency.