The current macroeconomic backdrop could ignite another sell-off event for BTC
According to the Glassnode co-founders, the macroeconomic landscape looks shaky after the Federal Reserve announced the tapering of its balance sheet to the tune of $95 billion per month in an effort to combat persistent inflation. This could ignite another sell-off event for BTC.
Despite the bleak macroeconomic picture, BTC continues to show signs of on-chain strength. According to Glassnode, BTC investors are withdrawing Bitcoin from crypto exchanges at a historic rate, indicating that a bottom could be in sight.