Why is the Bitcoin price falling?
In addition to a healthy correction in Bitcoin’s price, there is another, more worrying factor contributing to the current market situation: the macroeconomic developments that are affecting investor expectations.
Disappointing inflation figures in the United States have dampened expectations that the Federal Reserve (Fed) would cut interest rates. This means that the costs of borrowing remain relatively high, which can lead to a reduced flow of money into investments.
Bitcoin price could fall to $51,500
The $60,000 level is an important support point for the Bitcoin (BTC) price. Crypto analyst George expects Bitcoin to approach this threshold for testing in the short term.
Should the price fall below this level, there is room for further decline, possibly down to $57,000 and in a bearish scenario even up to $51,500. Such a downward move would result in a correction of approximately 24% from the current price value.
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Source: https://newsbit.nl/bitcoin-koers-gaat-hard-onderuit-en-kan-dalen-tot-51-500/
