Bitcoin (BTC) dropped 3.4% between August 26 and 27, breaking below the $63,500 support level. This price decline was driven by macroeconomic expectations and decreased activity on the Bitcoin network. Analysts are discussing the possibility of a price increase to $65,000 after Nvidia reported strong performance. However, some believe that high earnings from tech companies could outweigh expectations for interest rate cuts. Rising US housing prices have also increased political pressure. Bitcoin network activity statistics have also declined, indicating a decline in investor interest. Overall, the recent weakness in Bitcoin price is due to the decreasing probability of interest rate cuts by the Federal Reserve and increasing risk aversion among investors.
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