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Bitcoin Price May Drop to $55K Amid Economic Uncertainty
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Bitcoin (BTC) has dropped over 4% in the past 24 hours to around $58,000, wiping out much of the previous week’s gains. This decline has also impacted other major cryptocurrencies like Ether (ETH), Solana (SOL), and Cardano (ADA).

Impact of U.S. Economic Data
The sell-off followed the release of U.S. Consumer Price Index (CPI) data, which showed a 2.9% year-on-year increase, the lowest inflation rate since 2021. Despite a recovery in traditional markets, Bitcoin continued to fall, reflecting its sensitivity to U.S. economic indicators. Analysts at K33 Research note that crypto prices are now "highly sensitive" to such data, with some predicting Bitcoin could drop to $55,000 soon.

Potential for Rebound
There are signs Bitcoin might rebound if economic data supports the Federal Reserve easing monetary policy. FxPro's Alex Kuptsikevich suggests this could push Bitcoin up to $66,000.

ETF Movements
Spot Bitcoin ETFs saw $81 million in net outflows on Wednesday, led by Grayscale's GBTC. However, some ETFs like Franklin Templeton’s EZBC and BlackRock’s IBIT had $6 million in net inflows. Ether (ETH) ETFs performed better, with $10 million in net inflows over three days, though sentiment remains mixed.