Coinbase says BTC’s roughly 2% drop under multiple headwinds may point to a market bottom

Coinbase Institutional said Bitcoin has shown relative resilience despite a stack of negative macro signals, a pattern it said could suggest the market is in a bottoming phase. The firm pointed to U.S. nonfarm payrolls coming in well below expectations, while an escalation in the Middle East conflict pushed inflation risk back into focus. In its view, markets are now pricing in higher rates for longer, with financial conditions tightening further and long-duration risk assets staying under pressure. It also said the probability of another rate hike this year is rising. Against that backdrop, BTC fell only about 2%, a comparatively limited move that Coinbase Institutional said may indicate the market is undergoing a bottoming process rather than breaking down more sharply under the weight of several bearish factors.