Bitcoin crashes to $65K but the US government is buying — watch for a bounce
Bitcoin crashed to $65,000, forcing $1.8 billion worth of leveraged trades to be automatically sold off by exchanges. However, the US Treasury Secretary just reaffirmed the government's plan to build a strategic Bitcoin reserve.
Idea
A massive $1.8 billion liquidation event means a huge amount of panic selling has already happened, which often clears the way for a price bounce. At the same time, the US government is actively moving forward with plans to create a strategic Bitcoin stockpile, which is an unprecedented level of institutional support. If Bitcoin holds its next major support level around $60,000, it would show that big buyers are stepping in to catch the dip. This combination of washed-out sellers and strong government backing sets up a classic rebound opportunity.