Posted 12/11/2023, 8:43:17 AM
Bitcoin Price Drops 7% Below $41k, Surprising Bullish Traders
- Bitcoin price drops 7% to below $41k, wiping $300M in crypto longs and surprising bullish traders
- Volatility returns right after weekly close; correction overdue but still caught many off guard
- Key US inflation data and Fed rate decision later this week pose macro threats amid ongoing cooling
- On-chain data warned of overextended conditions; mining difficulty finally fell after 6 months of all-time highs
- $48k remains a price magnet due to previous large BTC purchases at that level; path of least resistance still seems upward