Bitcoin returns to $60,000

Bitcoin experienced a wave of selling last week, resulting in a 5% drop. The trend has continued this week with the price falling below the $60,000 level this Monday, before a small rebound. Currently, bitcoin is trading at $60,700.

Since hitting an all-time high in March following U.S. spot price ETF approvals, bitcoin has been stuck in a trading range between $60,000 and $72,000.

It should be noted that volatility or lateral movement in bitcoin prices is typical behavior after a halving event (halving of the reward per mined block), as the market and miners adjust to the lower reward. per block.

However, there is some optimism for the coming months. After years of high interest rates, central banks globally are beginning to lower interest rates and loosen financial conditions, which has generally been favorable for cryptocurrency prices.

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