Traders mull the bottom as bitcoin returns to week's lows below $86,000
Bitcoin dropped to weekly lows near $85,500, showing oversold conditions but facing continued sideways movement.Summary
Bitcoin has fallen back to its weekly low of $85,500, exhibiting a volatile 'Bart Simpson pattern' drop. The crypto market is currently showing a high correlation with declining stocks, particularly the Nasdaq, while precious metals like silver and gold are surging, contrary to historical expectations of BTC acting as a primary safe-haven asset during monetary easing or stock market trouble. Jasper De Maere, a strategist at Wintermute, suggests Bitcoin will likely remain range-bound between $86,000 and $92,000 due to high volatility and trader liquidations. He advises against over-interpreting current technical indicators, anticipating more profit-taking due to year-end portfolio adjustments, but notes the market is showing signs of being "oversold" and at "max pain."
(Source：CoinDesk)