📉 #Bitcoin Update 📉

Bitcoin Price Dips Below $57,000: 4 Key Reasons

Bitcoin (BTC) hits $56,556, the lowest since February, amidst sharp monthly decline & breaching $60k support. Here's what's driving the downturn:

1️⃣ **Derisking Ahead of FOMC**: Market jittery pre-Federal Reserve interest rate decision due to economic slowdown & inflation woes.

2️⃣ **Cyclical Correction**: Natural correction after exceptional rally; technical indicators hinting at impending correction.

3️⃣ **Profit-Taking**: Traditional finance markets seizing gains post-ETF approval & halving anticipation.

4️⃣ **US & HK ETF Strains**: US ETFs witness outflows; Hong Kong debut falls short of expectations.

5️⃣ **Long Liquidations**: $451.28M liquidated in 24 hrs, intensifying selling pressure.

Stay informed & exercise caution. Investing carries risks.

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