Matrixport: BTC may see a larger rebound

Matrixport has released a new report stating that Bitcoin may experience a larger pullback.Matrixport states that since BTC hit a historic high on March 5th, it has attempted to break through three times but has failed each time. The first and third attempts failed due to inflation data being higher than expected. The second attempt failed due to stronger-than-expected manufacturing data causing a rise in US bond yields and a decrease in interest rate expectations.Matrixport believes that there is ample evidence to suggest that Bitcoin trades primarily based on macroeconomic data, and unless this data becomes more favorable, such as a decrease in inflation or weak growth, Bitcoin may struggle.