Yesterday, Bitcoin surpassed $100,000, giving many people hope. This morning, it started to correct, dropping from a high of over $104,000 to around $90,000, a decrease of about $14,000.

It can be said that this is a very successful correction, such fluctuations can only be seen in a bull market. So what caused this decline? The first reason is that former U.S. Treasury Secretary Larry Summers criticized the idea of national Bitcoin reserves as too crazy. The second reason is that the price is too high, many institutions began to sell off to recover capital, and retail investors followed suit. However, many people were unable to escape before the price started to plummet; it can be said that this correction was intentional.

After the correction, the market quickly rebounded and is now stabilizing at around $97,000.

In my opinion, this correction will not significantly affect the subsequent price increase. Although this correction has increased the level of panic, causing many people to hesitate to participate, I see this as an opportunity. This decline has actually created opportunities for many who have not yet entered the market. Still, the saying goes, corrections are for buying, and with such a large drop this morning, there will definitely be a rebound during the day.

Currently, Bitcoin is stabilizing at around $97,000, below the upper Bollinger Bands support line on the hourly chart.

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