Bitcoin Stuck Under Heavy Pressure Amid Conflict, Interest Rate Hikes

Bitcoin's price remains under heavy pressure due to several factors. The US and Iran have broken their ceasefire, initiating new attacks in the Middle Eastern region. This has raised concerns about global instability and the potential impact on risk-on assets like Bitcoin.

The Federal Reserve continues to resist lowering interest rates, and some officials have even considered raising them in the next FOMC meeting. This move could increase pressure on risk-on assets, including Bitcoin and altcoins.

Michael Saylor's Strategy has sold a significant amount of BTC over the past couple of months, which is also contributing to the downward pressure on the market. Additionally, ETFs have seen a decline in cumulative flows, with some weekly numbers setting anti-records.

The Coinbase Bitcoin Premium Index has been in negative territory for 50 consecutive days, which is a record streak since its launch. This suggests that demand for BTC in the US is lower than the global average.