#BTC‬ #bitcoin #bitcoin The recent drop in Bitcoin's price to $56K has sparked concerns, leading to a broader selloff in the crypto market. This decline is attributed to profit-taking by traders in anticipation of a hawkish stance from the Federal Reserve and a delay in rate cuts. With Bitcoin now down over 20% and technically in a bear market, investors are cautious amidst stagflation and inflation concerns. Today's Fed announcement by Chair Jerome Powell is eagerly awaited, as it could have significant implications for both stock and crypto markets. Amidst rising risks, institutional investors are staying away from risk assets, contributing to the panic selling observed in the retail sector. Despite this downturn, Bitcoin is still up 35% year-to-date and has seen substantial inflows into spot Bitcoin ETFs since January. However, as demand wanes and no clear signs of recovery emerge, investors are taking profits, further exacerbating the market selloff. Additionally, the US dollar index has risen, indicating mounting macroeconomic pressure and highlighting the importance of upcoming monetary policy decisions from the Federal Reserve.$BTC $ETH #