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BTC Five key reasons why Bitcoin prices continue to be under pressure
Although Bitcoin has rebounded by $5000 since falling below a low of $58,000 on July 1, its market structure is still under tremendous pressure, hindering any major breakthrough attempt. There are certainly good reasons behind this. Multiple factors work together to suppress its price. Here are five key reasons.
The macro environment
The first factor reappeared yesterday: the United States and Iran broke the ceasefire agreement and launched another attack against each other in the Middle East. Hours later, the real threat emerged-during a North Atlantic Treaty Organization meeting, U.S. President Donald Trump said he believed the memorandum of understanding between the two countries was over. Earlier this morning, a new wave of attacks ensued, and Trump again claimed that Iran was \"eager\" to reach a peace deal and had resumed engagement. However, similar statements have appeared many times in the past, but an agreement has not yet been reached.
The second macro factor comes from the Federal Reserve, which continues to refuse to cut interest rates. In addition, recent reports show that several Fed officials are considering raising interest rates at the next Federal Open Market Committee meeting. Their reason was the aftermath of the war: oil prices continued to rise, and inflation climbed accordingly. Similar moves tend to increase pressure on risky assets such as Bitcoin and other cryptocurrencies.
Strategies, ETFs and Coinbase
In addition to the above macro factors, the surrounding environment of Bitcoin has not improved. Perhaps the most harrowing factor comes from Michael Siler\'s Strategy. The company, which has continued to increase its holdings in Bitcoin over the past five years and stepped up purchases at the end of 2024, has sold off twice in recent months. The latest sell-off, announced earlier this week, is even more worrying because it sold more than 3500 pieces.
Exchange-traded funds are the fourth overall reason. In just two months, its cumulative total net inflow loss exceeded US$8 billion. Some weekly data set a reverse record, with outflows exceeding US$1.5 billion in just five trading days. Although three of the last four trading days have turned into net inflows, demand is still insufficient and Bitcoin needs a major trend reversal to change its direction.
The last key factor we will discuss in this article is the Coinbase Bitcoin Premium Index. The indicator measures the difference between the price of Bitcoin on the largest exchanges in the United States and the global average price. Generally, a positive index means higher demand for the asset in the United States, and vice versa. Reality shows that the index has not shown a positive value for a long time. Recent data shows that the index has been negative for 50 consecutive days, setting a historical record. The previous reverse record also occurred in 2026 and lasted for 40 days-from January 16 to February 24. Once the index turned positive, Bitcoin rose from $64,000 to $76,000 in about a month.
