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Bitcoin has entered a bearish trend, with recent gains erased despite a brief pause in decline following Donald Trump’s cryptocurrency statement. The cryptocurrency fear and greed index hit its lowest since 2022, reflecting negative sentiment. Key factors include a deteriorating U.S. macroeconomic outlook, with GDP now projected to contract by 2.8% in Q1 2025, and concerns over Trump’s proposed tariffs, which have already impacted crypto markets. Bitcoin’s integration with traditional finance, especially after the approval of spot ETFs, means a U.S. recession could further expose its vulnerabilities.