The price of Bitcoin has dropped back to around $56,000 after a brief increase sparked by the release of CPI data showing lower than expected inflation rates of 3%. Despite efforts from bulls to keep the price up, the bearish trend continues. A crypto analyst named ‘Luca VIP’ predicts that the decline is not over and expects it to continue. The current fluctuation in Bitcoin’s price is attributed to resistance at $59,000 following a pump, leading to a consolidation phase. The analyst suggests a possible decline to $56,000 before a potential bullish reversal that could retest the $59,000 level and push the price above $60,000 again. Another analyst, ‘RLinda,’ believes that the current dip to $57,000 presents a good buying opportunity as the market is in Extreme Fear according to the Crypto Fear & Greed Index. Historical trends suggest the price may trade sideways before finding strong support and bouncing back.
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