Three important metrics from the US; macroeconomic data, the possibility of a stock market correction, and concerns about upcoming elections have put pressure on Bitcoin (BTC).

BTC price increased by 8.2% in the past seven days until September 25th. Rising from $59,000 to $64,800, BTC created a bullish sentiment in the crypto market.

The rise of BTC was interrupted due to the resistance level of $64,500. Cointelegraph referred to three important metrics that form this resistance level.

Bitcoin (BTC) faces recession risk

It is claimed that the weak outlook in US macroeconomic data reduces risk appetite among investors, and as a result, purchases of BTC have slowed down.

According to a report by Cointelegraph, recession concerns have emerged in the United States. Housing prices in the US experienced a seven-month consecutive decline, marking the longest period of decline since 2009. The latest data indicates that a 4.6% annual decrease in new home sales has caused unease.

"Oracle of the Economy" Warren Buffet's Berkshire Hathaway, reduced its shares in Bank of America recently. It was reported that the company made a total of $9 billion in sales in less than three months. Buffet's sale of stock market shares such as Apple and Bank of America to create a cash reserve of $250 billion triggered recession concerns.

Bitcoin fell into the grip of the USA

In addition to recession concerns, crypto investors are also closely watching the US presidential elections. Alex Svanevik, CEO of the blockchain analysis platform Nansen, claimed that the Democrats would create a hostile environment for crypto. According to Svanevik, if Harris wins, the current administration's crypto policies will continue.

Bitcoin bulls are supporting Donald Trump in hopes of Republican victory. While Bitcoin supporter Trump is likely to win against Biden, he is neck and neck with Harris in the race. Some sources say that Harris has a higher chance of winning the elections.

Due to the upcoming US presidential elections on November 5th, risk appetite in BTC has diminished. Investors are being cautious as they prefer to see the election results of the candidates.

Apart from the elections, concerns are also increasing about the correction potential of the US stock market. The US stock market, which has risen to record levels, carries the possibility of a potential decline during the election period. Crypto investors believe that BTC, which does not accompany the rises in the US stock market, will be the first asset to be affected by a possible decline.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making decisions.