Bitcoin Price Plummets After Failing to Break Golden Zone
The Bitcoin price has been on a rollercoaster ride recently, hitting $66,921 but failing to break through the golden zone. Instead of continuing its upward trend, the price dropped back down to around $63,422.
On the daily chart, all major indicators are pointing bearishly, suggesting that this recent increase was just a bull trap. Many traders are betting on Bitcoin's price reaching $55K before it reaches $84K.
The crypto market as a whole opened in the red and has only continued to drop. The KOSPI index in South Korea fell over 8% at the open, triggering a circuit breaker that sent shockwaves through global markets.
Bitcoin's response was swift, with its price dropping to $62,684 before attempting a recovery. However, this attempt failed, and the price has since remained relatively stable.