Bitcoin Dumps to 17-Day Low, But Key Metric Flashes Rebound Signal

We will also explore some of the possible reasons behind BTC's pullback. Bitcoin’s latest rejection at the $87,000 range wasn’t just a small deviation from the asset’s path forward, as it slumped by several grand to a multi-week low of just over $82,000. While the macro landscape remains gloomy, a popular technical tool has flashed a rebound signal. Why Did BTC Drop? Recall that the cryptocurrency challenged the $87,000 area on several occasions in late September and early October. It last jumped past it on Friday after the weaker-than-expected US jobs report. However, it crashed almost immediately by three grand. Nevertheless, the bulls stepped up in the following days, and BTC neared that level on Monday morning and was close on Tuesday. That’s when the entire market landscape changed. As reported yesterday, BTC slumped by $2,000 in 20 minutes or so. One of the possible reasons behind this was the US government’s decision to move a portion of its crypto holdings (BTC and BNB), some of which ended up on Coinbase. However, bitcoin didn’t stop there, and the bears drove it further south earlier today to just over $82,000, its lowest price tag in over two weeks. This nosedive coincid...