Bitcoin

<ul>
 <li><strong>Bitcoin’s price drop to $59,000 is driven by regulatory scrutiny, institutional withdrawal, and whale selloffs.</strong></li>
 <li><strong>Market uncertainty prevails with potential price paths pointing to $50,000 or $70,000 depending on upcoming economic data and market reactions.</strong></li>
</ul>
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    <p><a href="https://www.crypto-news-flash.com/bitcoin-crashes-below-53500-will-48000-support-hold/" rel="noopener noreferrer nofollow">Bitcoin’s recent plunge</a> below $59,000 has stirred market anxiety, with multiple factors contributing to this downturn. As we recently <a href="https://www.crypto-news-flash.com/why-is-bitcoin-crashing-reasons-for-the-current-crypto-market-adjustment-and-dip-in-the-price-of-btc/" rel="noopener noreferrer nofollow">discussed</a>, Bitcoin’s decline is attributed to increased regulatory scrutiny, reduced institutional interest, and the impact of a recent crypto flash crash. These issues have led to a decline in Bitcoin’s demand and hashrate, further pressuring its price.</p>
    <p>A significant selloff was triggered by a whale moving 2,300 BTC to Kraken, worth approximately $141.81 million. This action, coupled with broader macroeconomic concerns, has left investors on edge, especially with upcoming earnings from tech giants like NVIDIA and the anticipated US PCE inflation data.</p>
    <p>Despite the current downturn, some predictions suggest Bitcoin could rebound to $65,000 if it surpasses a critical resistance level. As of today, CoinMarketCap data shows that Bitcoin (BTC) is trading at $59,766.77, with a decrease of 4.10% in the past day and an increase of 0.50% in the past week. See the BTC price chart below.</p>
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    <div class="cryptoboxes" id="mcw-19491" data-realtime="on">
     <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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    <p></p>
    <h2 id="strong-is-50-000-or-70-000-next-strong"><strong>Is $50,000 or $70,000 Next?</strong></h2>
    <p>The market is awaiting clarity from these developments, as traders remain cautious, impacting Bitcoin’s performance. The recent dip also saw a notable drop in BTC futures open interest and a surge in trading volume, signaling heightened volatility. As predicted by a recent CNF <a href="https://www.crypto-news-flash.com/bitcoin-crashes-below-53500-will-48000-support-hold/" rel="noopener noreferrer nofollow">post</a>, if Bitcoin doesn’t recover to $61,000, it risks falling further to $48,000 with no immediate support in sight, likely going lower without community support.</p>
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Bitcoin Crash: Real Reasons Why BTC Price Plummeted to $59,000 – Is $50,000 or $70,000 Next?

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