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Amid sustained selling pressure in cryptocurrency markets, Bitcoin dropped to $58,000, confirming a bear flag breakdown on the chart, according to reports. Analysts see this breakdown opening a price target of $54,000 or lower, raising fears of a broader downturn.
The decline coincides with a cautious market mood as major central banks are expected to keep raising interest rates, reducing the appeal of risky assets like cryptocurrencies. Market data shows Bitcoin trading near $58,000 with declining volumes and reduced institutional interest.
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Sign InTraders are closely watching next week's key US economic data releases, including the PCE price index, which could influence the Fed's monetary policy path. Support levels at $54,000 and $50,000 remain in focus should selling pressure persist.