The price of Bitcoin dropped significantly, reaching as low as $60,000 recently. This decline was noted based on the data provided by CoinMarketCap. However, Bitcoin has shown signs of recovery in the last 24 hours.
This partial recovery is attributed to positive jobs data coming out of the United States. The encouraging economic data has provided some relief in the Bitcoin market.
Furthermore, analysts from Kobeissi suggest that Bitcoin is poised for a potential rally. This optimistic outlook is supported by the expectation that the Federal Reserve might implement a 25 basis points interest rate cut shortly.
