Bitcoin’s price has dropped this week as new inflation data has come in hot. 

But while the largest cryptocurrency’s near-term setup is difficult, it’s not “fundamentally bearish,” according to European asset manager CoinShares’ Head of Research, James Butterfill. 

In a report Friday, the analyst said that bitcoin’s near-term challenge stems from a macro environment that’s caught in an awkward middle ground: inflation is too elevated for the Fed to ease up, while the economy is too resilient to force a policy pivot. 

“Bitcoin and the broader digital asset market have moved lower on the resulting hawkish repricing, a reminder of how sensitive Bitcoin…

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