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Bitcoin Facing Consolidation Phase: Legendary Crypto Analyst Predicts BTC To Drop To $61k Soon

5% on Friday, bringing its total weekly decline to 8%.
Concerns over Interest Rates Impact Bitcoin Price
The recent dip in Bitcoin's price can be attributed to growing concerns about rising interest rates in the United States. The U.S. government has indicated that it may increase interest rates to combat inflation, which has caused investors to become more cautious and shift their focus away from riskier assets like Bitcoin. This has put downward pressure on the cryptocurrency's price, as investors fear a decrease in demand. Approval of Ether ETFs Boosts Market Sentiment
Amidst the dip in Bitcoin's price, the Securities and Exchange Commission (SEC) approved two exchange-traded funds (ETFs) that directly track Ether, the second-largest cryptocurrency by market capitalization. This is a significant development for the cryptocurrency industry, as it opens up more opportunities for investors to gain exposure to the digital asset. The approval of ETFs for other cryptocurrencies, such as Bitcoin, is also being considered by the SEC. Crypto Tickers and Trending Hashtags: #BTC #Ether #InterestRates
The decline in Bitcoin's price and the approval of Ether ETFs have been hot topics among crypto enthusiasts, with many taking to social media to discuss and analyze the impact on the market. Popular crypto tickers such as #BTC and #Ether have been trending, with users sharing their thoughts and predictions on the future of these assets. Hashtags related to the U.S. interest rates, such as #InterestRates and #Inflation, have also gained traction as investors closely monitor the situation. Looking Ahead: Volatility and Potential for Recovery
While the recent drop in Bitcoin's price may cause concern for some investors, it's important to remember that volatility is a common characteristic of the cryptocurrency market. The approval of Ether ETFs and the potential for other cryptocurrencies to follow suit could lead to a recovery in the market. As always, it's important for investors to do their own research and make informed decisions when it comes to investing in cryptocurrencies.


Sentiment Result : Negative

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