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Bitcoin price drops 3.5% due to concerns over overheated Bitcoin derivatives

Bitcoin price drops 3.5% due to concerns over overheated Bitcoin derivatives

– Bitcoin’s price dropped over $1,000 following the Federal Reserve interest rate announcement.

– Analysis warned of “overheated” derivatives in the Bitcoin market.

– BTC erased gains it made overnight and fell below $35,000.

– The Federal Reserve opted not to change interest rates but expressed concerns about inflation and its impact on the economy.

– Bitcoin derivatives markets were described as overheated, raising concerns among traders.

– Spot markets are now in charge of supporting BTC price strength.

– Analysis cautioned about the liquidity in the Bitcoin trading environment, warning of potential “rug pulls.”

– Support levels at $34,000 and $33,500 were highlighted as important for Bitcoin’s price stability.

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