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Bitcoin crashes below $62k as government reserve plan offers a lifeline — prepare for the bounce

Bitcoin just suffered a massive crash, dropping below $62,000 as traders who bet on higher prices were forced to sell. However, the U.S. Treasury Secretary just reaffirmed the government's plan to build a strategic Bitcoin reserve, creating a strong potential rebound catalyst.

Idea

Bitcoin has fallen sharply to levels not seen since February, largely due to traders being forced to sell their positions all at once. This type of forced selling often clears out the overly-optimistic crowd, creating a solid floor for the price to bounce from. Adding to the rebound potential, the U.S. government just signaled it is moving forward with plans to create a national Bitcoin stockpile, which brings massive long-term legitimacy and demand to the market.

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BTCBTC-H4#crypto#mean_reversion#macro

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