I've just been observing Bitcoin again, currently in a pressured position lately. It turns out the obstacle is a combination of several developing macro factors, especially rising interest rates and pressure in the bond market that is beginning to show signs of instability.

The fear among crypto investors is actually quite reasonable. When bonds start to collapse and expectations for rate hikes continue to increase, investors tend to pivot to safer assets first. Bitcoin, which is usually seen as an inflation hedge, in such conditions actually becomes a victim of flight to safety.

So basically, the obstacle is a combination of risk-off sentiment and macroeconomic uncertainty. It will be interesting to see how Bitcoin responds if this condition continues or if there is a change in direction from the Fed.