Cryptocurrencies, including Bitcoin, experienced a notable price drop after reaching all-time highs. Overbought conditions and a shakeout scenario contributed to the decline. However, the crypto bull run is expected to continue due to upcoming catalysts such as the Bitcoin halving and the possibility of a rate cut by the Federal Reserve. Cryptocurrency prices have historically shown long-term growth.
Bitcoin and several other cryptocurrencies experienced a significant drop in value, with Bitcoin falling below the resistance at $65,000 after reaching an all-time high of $73,000. ๐ฑ๐
Many coins, including Sei, Fantom, Celestia, Avalanche, and IOTA, saw declines of over 20%, while other cryptocurrencies like Algorand, Helium, Arbitrum, and Pyth Network also lagged behind. ๐๐
The drop in prices can be attributed to overbought conditions, with the Fear of Missing Out (FOMO) driving the market, causing a correction after extended periods of overbought RSI levels. ๐๐ญ๐ป
The decline can also be considered a shakeout, a common occurrence in various asset classes, including crypto and stocks, where a surge in prices is followed by a sudden drop to eliminate speculators. ๐ข๐ฅ๐
Despite the recent drop, the crypto bull run is not expected to come to an end, as there are upcoming catalysts such as the Bitcoin halving in April and the possibility of the Federal Reserve indicating a rate cut, both of which historically have had positive effects on cryptocurrency prices. Additionally, the overall trend of cryptocurrencies has shown significant long-term growth. ๐๐ช๐
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Not financial advise. DYOR