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Why Did Bitcoin’s Price Crash by $6K Daily and Where Is BTC Heading Next?
Bitcoin’s price has taken a sharp dive, dropping a whopping $6,000 in just one day. This significant downturn leaves investors wondering what triggered this sudden crash and where the cryptocurrency market will head next.
The world of crypto is known for its unpredictability, but Bitcoin’s recent surge to over $123,000 before plummeting to below $117,000 was unlike anything we’ve seen before. The question on everyone’s mind is: why did it happen?
Data from some of the largest analytics platforms reveals that large investors had realized profits of more than $1.5 billion within a day. This sudden profit-taking by major players contributed significantly to the crash. Furthermore, Arkham reported that the government of Bhutan began selling off its Bitcoin holdings.
CryptoPotato previously outlined four potential factors that could have led to such a retracement. However, one crucial factor we didn’t mention initially is the US CPI data release, which proved higher than anticipated and is typically viewed as bearish for riskier assets like crypto.
In conclusion, the cryptocurrency market remains highly unpredictable, and only time will tell where Bitcoin’s price will head next.
Source: cryptopotato.com
