Bitcoin's Path to Recovery 'Unclear' Amid Macro Headwinds

In brief

• Macro headwinds are overwhelming historically reliable indicators even as Bitcoin flashes rare buy signals, analysts argue.
• Bitcoin’s Sharpe ratio dropped to -40, a capitulation level seen only four times since 2015, while the USDT 60-day market cap fell below -$3B, signaling liquidity withdrawal and forced deleveraging.
• Experts are split, with some seeing a late-cycle flush, while others warn price confirmation is still needed.