After reaching a peak of $108,000, Bitcoin began to decline following the narrative shared at the FOMC press conference. Initially, and somewhat surprisingly, it held up well in the afternoon compared to tech stocks but eventually broke down during the evening. This isn’t unexpected, as ETF volumes often cause delays in Bitcoin’s price action, typically starting to rebalance after the market close. One thing led to another, and Bitcoin declined step by step until it collapsed rapidly on Friday morning, reaching around $92,000.
A Rest Stop on the Path to the Summit
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