Bitcoin (BTC), as a pioneer in the field of cryptocurrency and the digital currency with the highest market value, has its unique position, but it has also been unable to resist the recent market downturn. The price once fell below the important support level of $61,000 and dropped to a low of $58,890 during the session. However, the market seems to have shown some resilience, and the price of Bitcoin has subsequently recovered and has successfully recovered and broken through the $61,000 mark.

Analyzing the reasons for this price drop, we can see that multiple factors are at work. First, the German government recently transferred nearly 6,500 bitcoins, which has attracted widespread attention in the market and may have exacerbated the selling pressure in the market. Secondly, the Mt.Gox trading platform announced that it would return up to $8.5 billion worth of bitcoin to customers, which also had an impact on the price of Bitcoin. In addition, the large outflow of funds from the spot Bitcoin ETF further weakened market confidence.

In addition to the above factors, changes in the global economic situation and monetary policy have also had an important impact on the price of Bitcoin. The strong performance of US economic data and the hawkish stance of the Federal Reserve have made investors more cautious about the cryptocurrency market. At the same time, investors are also closely watching the upcoming U.S. central bank consumer confidence index, which is expected to drop to 100.0 from the previous 102.0, a change that could further affect market sentiment and investor decisions.