Bitcoin Underperforming US Stock Market: Reasons and Predictions

The Bitcoin (BTC) price has been struggling, dropping below $65,000 despite the US stock market's rally. This underperformance is driven by various factors, including profit-taking following a strong Q1 2024, selling pressure from miners due to declining profits after the recent Bitcoin halving, and significant outflows from Bitcoin ETFs. Additionally, the German government is selling a portion of its substantial BTC holdings. Market analysts predict Bitcoin consolidation may continue until the end of summer 2024, with a potential bull run starting in September. The PCE price release next week will be crucial, as it may indicate downside risks for spending due to weak retail sales.