Bitcoin Price Drops: Reasons Behind the Bullish Retreat in Recent Weeks

Recent weeks saw a significant dip in Bitcoin’s price, falling from its new all-time high of over $124,500 to as low as $112,580. This drop, while surprising considering Bitcoin’s past performance, has been attributed to several factors. Economic data released this week showed a less favorable market outlook, dampening investor optimism. A rise in unfavorable economic indicators and uncertainty over future rate cuts led to a sell-off.