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Bitcoin's Price Rebounds as Funds Leave Exchanges
Bitcoin experienced a drop to a 24-hour low of around $57,250 before recovering to levels over $58,000. The decline in price can be attributed to market anxiety surrounding the upcoming release of U.S. non-farm payroll data and its potential impact on the Federal Reserve's monetary policy. Despite this short-term volatility, cryptocurrency exchanges worldwide now hold just 2.39 million BTC, indicating reduced selling pressure and potentially favoring a bull market if demand continues to grow.