BlockBeats News, July 14th, Coinbase Institutional stated that the US non-farm payroll was far below expectations, but the escalation of the Middle East conflict has made inflation risk a renewed market focus. The market is now shifting towards pricing in "high interest rates for longer," further tightening financial conditions, putting pressure on long-term risk assets, and increasing the probability of another interest rate hike later this year.

Amid multiple bearish factors, BTC only dropped by about 2%. This relatively resilient performance in the face of a downturn may indicate that the market is going through a bottoming process.