in, the world's leading cryptocurrency, has experienced a setback in its recent rally, retreating from the $60,000 resistance level amid a surge in short positions and growing market caution.

urrency market has been grappling with several factors contributing to this downward pressure.

- Bitcoin trades at $58,515, down 1.7% in the past 24 hours.

- Bitcoin short positions surged by 118% to over $18.30 billion.

- The US government is transferring $600 million in seized Bitcoin to Coinbase.

- A gauge of the top 100 digital assets experiences its sharpest decline since November 2022.

- Bitcoin ETFs saw a net flow of just $32.5 million last week.

- The funding rate for Bitcoin perpetual futures on the Binance exchange has turned negative.

- Investors are awaiting comments from Federal Reserve Chair Jerome Powell at the FOMC meeting and the Jackson Hole symposium.

- The US presidential race could influence future cryptocurrency regulations.

- Some market analysts remain optimistic about Bitcoin's long-term prospects.

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