Bitcoin Drops to $58,000 Amid Expectations of FED Rate Cuts

Bitcoin's price is currently fluctuating around the $60,000 level without showing any clear signs of a breakout. However, a significant price movement may soon occur.

On the daily time frame, it is evident that the price has yet to rebound and stabilize above $60,000 after being quickly rejected by the 200-day moving average, which is around $63,000.

After a recovery from $52,500, the price has once again tested a key level. For the market to enter a new bullish phase, it must first break through both the $60,000 level and the 200-day moving average to the upside.