Bitcoin price slides to $85K: How low can BTC go in December?
Bitcoin dropped to $85,000 due to expectations of a Bank of Japan rate hike, potentially signaling a further drop to $67,700.Summary
Bitcoin (BTC) sharply declined to around $85,000 in early Asian trading on Monday, marking a 32% drawdown from its October all-time high. This market-wide correction, which liquidated over $564 million in total positions, is largely attributed to mounting expectations that the Bank of Japan (BoJ) will implement a rate hike at its December 18-19 meeting. Such a move would strengthen the Yen and trigger an unwind of the massive yen carry trade, pressuring risk assets like crypto. Technically, BTC validated a bear flag pattern on the daily chart, suggesting a potential continuation of the downtrend toward a measured target of $67,700 if the price closes below $90,300. Some analysts suggest macro support could be found between $45,000 and $70,000.
(Source：Cointelegraph)