Crypto Pullback: Macro Factors Behind BTC, ETH, XRP Declines
The cryptocurrency market faces a fresh crypto pullback among top tokens. Bitcoin has retreated from its $124,000 all-time high to around $115,630 (−6.5%). Ethereum is down 5.2%, testing the $4,300 support level. XRP slipped 3.8%, while Solana and Dogecoin fell 6.0% and 5.2%, respectively.
This crypto pullback stems from macroeconomic indicators. Wholesale price data have stirred fears of prolonged high interest rates. Treasury Secretary Scott Bessent confirmed no plans to expand US Bitcoin reserves. Analysts point to upcoming Federal Reserve Chair Jerome Powell remarks at the Jackson Hole Symposium as pivotal. Any hawkish signals could deepen losses; dovish cues may stabilize prices.
Market expert Doctor Profit forecasts Bitcoin to trade sideways within an 8% range into September, with a sharper correction later in the month. Meanwhile, on-chain data show large-wallet accumulation and healthy funding rates, suggesting limited immediate selling pressure.
Bearish
The recent pullback is driven by disappointing macro data, high interest-rate concerns and lack of new institutional Bitcoin reserves. Historically, rapid rallies to all-time highs have often been followed by corrections as traders lock in profits when Fed policy remains uncertain. With Jerome Powell’s Jackson Hole remarks looming, any hawkish tone could trigger further downside. Doctor Profit’s warning of a deeper September correction reinforces a cautious short-term outlook. However, on-chain accumulation and healthy funding rates may support a medium-term recovery once rate-cut expectations materialize. Overall, traders should brace for continued volatility and a potential bearish phase.