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Bitcoin crashes below $63K as panic selling hits — look for a bounce on government reserve news

Bitcoin has crashed below $63,000 for the first time since February as overleveraged traders were wiped out. However, the U.S. Treasury Secretary just signaled the government is making progress on creating a strategic Bitcoin reserve.

Idea

Bitcoin has fallen to its lowest price since February, largely because traders who bet on higher prices were forced to sell. While the panic selling looks scary, a major fundamental catalyst is developing in the background: the U.S. government is moving forward with plans to establish a strategic Bitcoin reserve. Government buying interest combined with washed-out sentiment often creates a strong rebound setup once the forced selling exhausts itself.

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BTCBTC-H4#crypto#mean_reversion#macro

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