News flash! 📰 The price of Bitcoin (BTC) fell 5.8% between June 23 and 24, reaching its lowest level in seven weeks at $59,700. Traders are wondering if this indicates a prolonged bear market or a momentary panic.

The former Mt. Gox exchange announced the imminent refund in Bitcoin, which has raised concerns. Additionally, a recent transfer of nearly 6,500 BTC from a wallet attributed to the German government has sparked speculation of a possible sell-off.

Despite the possibility of interest rates falling at the end of the year in the US, traders are more focused on the uncertainty surrounding the November presidential election and inflation data.

In this scenario, Bitcoin traders have become increasingly risk-averse, especially after the BTC price fell 16% since June 7. Do you think the $60,000 support could hold? Comment below!