Coinbase: BTC's resilience to macro headwinds signals potential bottom

An analysis from Coinbase suggests that Bitcoin may be forming a bottom, given its limited decline despite recent macroeconomic headwinds. The exchange noted that while U.S. non-farm payrolls came in significantly below expectations, renewed inflation concerns have emerged due to heightened military tensions in the Middle East. This has led the market to price in the possibility of a prolonged high-interest-rate environment, with an increasing likelihood of a rate hike by the U.S. Federal Reserve (Fed) before the end of the year. Despite these negative factors, BTC only fell by about 2%, which Coinbase interprets as a sign that the cryptocurrency is in the process of consolidating a bottom.