Bitcoin (BTC) 
$78,340 price has turned downward again, falling to $55,644, with investor fears persisting. Following the release of inflation data, it was anticipated that the US market opening would present such a scenario. Therefore, the recent loss in BTC price is not surprising.
Why is Bitcoin Falling?
The S&P 500 dropped by 1% today after the market opened, continuing its decline from 5648 points on September 3. The negativity in stock markets coincided with the BTC price drop at the US market opening. Recent reports indicate signs of economic recession in the US, with major company bankruptcies approaching their worst levels in the past four years.
As inflation moves toward the 2% target, the employment market has weakened. Economists suggest that to avoid further economic shock, the Fed will not cut by 50 basis points this year but will ease with three separate cuts totaling 75 basis points.
BTC price, which reclaimed $58,000, is now facing a 4% loss and might experience deeper lows. Yesterday’s analyst evaluations pinpointed the $56,500 and $57,000 levels, noting that failure to maintain these regions could result in a further drop to $53,000.
