After a few days of steep correction, the crypto market is on a journey of recovery, as Bitcoin’s price recently surged from $10,300 to $10,800 within an hour.
Why the Bitcoin price could plunge soon? Reasons include technical analysis, DeFi hype collapse, US Dollar index and gold price correlation, and economic conditions
Bitcoin has plunged from highs of more than $11K to lows of $10,400, and analysts have looked at US stock markets to explain the cryptocurrency’s price dip.
Bitcoin (BTC) and DeFi tokens have been all the rage lately, with crypto investors anticipating BTC’s next bull run and the DeFi industry booming in growth.
Bitcoin price spikes as Federal Reserve officials of FOMC said they will hold US interest rates close to zero and will continue to push inflation above 2% by 2023.