Bitcoin barely holds on to $60k as bears retest March lows

Bitcoin’s price has dropped below $60,000 and is retesting levels not seen since early March. The cryptocurrency fell to a low of $59,658 before slightly recovering to around $60,800. This decline comes amidst a period of market turbulence, with both Bitcoin and traditional equity markets showing signs of strain. Experts attribute the volatility to various macroeconomic issues, including persistent inflation in the United States. Additionally, Ethereum and other altcoins, such as BNB and Solana, also experienced declines. As Bitcoin approaches its halving event, which will reduce the block reward and potentially influence its value, investors are closely monitoring the market. However, geopolitical and economic factors continue to cast a shadow, indicating that volatility in the crypto market is far from over.