The cryptocurrency market experienced an unexpected sell-off, resulting in a drop in Bitcoin's price by over 3% from $31,750 to $30,290. The cause of the sudden decline is unclear, but it could be related to the stronger-than-expected Preliminary University of Michigan Consumer Sentiment figures. Positive consumer sentiment can lead to increased investor confidence in traditional markets, potentially diverting funds away from cryptocurrencies like Bitcoin. Traders and investors are closely monitoring Bitcoin's price levels and market indicators to identify the next potential price target.
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