Bitcoin Price Dips Below $42K After Hitting Yearly Highs as Strong Dollar and Profit Taking Slow Momentum
• Bitcoin price dropped 3% to around $42,400 after reaching yearly highs last week • Factors for the price drop include strong US economic data leading to a stronger dollar and investors taking profits • Investment bank Goldman Sachs brought forward estimate of first Fed interest rate cut to Q3 2024 • Cathie Wood's ARK Invest sold another $49.2 million worth of Coinbase stock on Friday • Smaller altcoins like INJ, BONK, and BIGTIME showed resilience, rising over 10% amid Bitcoin's price drop