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Bitcoin Price Dropped to $94,000 Before Retracing Back to Higher Prices, What Caused This?
The recent dramatic fluctuations in the price of Bitcoin (BTC) have left many investors and traders stunned. Just a few days ago, the cryptocurrency’s value plummeted to an astonishing $94,000 before making a rapid recovery back up to its current standing at around $96,000.
As the market continues to oscillate wildly, analysts are scrambling to make sense of these sudden and drastic changes. It is crucial for traders and investors alike to understand what triggered this unexpected dip and subsequent rebound.
CPI data, which slightly exceeded expectations, may have contributed to the sudden downturn in Bitcoin’s price. The data released has slammed BTC to $94,000 at one point before the majors rallied back to this week’s highs due to Powell’s favorable crypto speech and other factors that spurred them on.
Source: cryptonewsland.com
