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As metrics paint a ‘unique picture,’ Bitcoin’s price headed in this direction
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After the first Bitcoin dip under the $60K level on 16 November, the chants of “buy the dip” surged with the expectation of a recovery. The king coin, however, had other plans. BTC’s price tumbled from a high of $66,281 to a low of $55,641 in just a week. This has thrown the market into a panic mode.
With the larger market mood looking bearish after another dip on November 23, sentiment played catch-up as spot price contrasted with the larger bullish signals from the metrics. As measured by the Crypto Fear & Greed Index, the sentiment had changed to correspond to spot market more closely, noting ‘Fear’ for the day.
So, with the mood turning into panic, what was about this drawdown that fueled the market with such sentiments? Well, to be
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