Bitcoin's Abrupt Plunge Leaves Analysts Questioning Rally's Legitimacy

Bitcoin's recent rally to nearly $87,000 was short-lived and some analysts believe it was a trap. The asset experienced an impressive surge on Friday due to positive macro developments in the US economy.

The rally was driven by optimism surrounding the US economic scene during the business week, but its momentum was halted quickly, causing Bitcoin to plummet below $84,000 on Friday evening.

According to data, nearly $600 million worth of liquidations occurred across the entire market as a result of this sudden drop in price. Popular analyst Ali Martinez believes that this rally was doomed from the start.