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The recent decline in Bitcoin's price can be attributed to several factors:
* Hawkish Federal Reserve Stance: The Federal Reserve's indication of fewer interest rate cuts in 2025 than previously anticipated has created uncertainty in the market. This has led investors to shift towards safer assets like bonds, reducing demand for riskier assets like cryptocurrencies.
* Rising Treasury Yields: Higher U.S. Treasury yields make traditional investments more attractive, further incentivizing investors to move away from cryptocurrencies.
* Stronger-than-expected Job Market: The robust U.S. job market has fueled concerns about persistent inflation, potentially leading to a more restrictive monetary policy from the Federal Reserve. This has negatively impacted the cryptocurrency market.
* Profit-taking: After a recent rally, some investors may be taking profits, contributing to the selling pressure.
* Technical Factors: Weakening technical indicators, such as a bearish divergence between Bitcoin's price and its relative strength index, suggest a potential price correction.
It's important to note that these are just a few of the potential factors contributing to Bitcoin's recent decline. The cryptocurrency market is .