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There was no April fool about it. The crypto-market bears woke up with a vengeance, moving towards a $69,2000 low before charging to $66,700 in less than an hour.
By then, the panic was fully in place, and the king of crypto bounced along twice, dipping below $65k before finding a resting place around $66k.
Today, Bitcoin is holding around $72,3000.
On March 12, 2024, I wrote about the sleeping bears of the crypto market, but did they wake up?
The answer is, I don’t think so, and here’s why.
Bitcoin crossed the $50k mark on February 14, 2024. Since then, it has dipped at least six times, climbing to $60k on February 28, 2024.
Bitcoin has not been below $60k since that date and has dipped more than a dozen times before climbing to new highs.
The point is that solid dips follow strong upward movement. It is the nature of a volatile market, not a sign that bearish trading has taken hold.
According to a CoinDesk report, Bitcoin traditionally retraces 50–70% after posting sharp gains.
Why did Bitcoin’s price drop?
Beyond the crypto market’s volatility, two outside factors contributed to Bitcoin’s most recent price dip.
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