The crypto market is showing some red today! Bitcoin (BTC) has seen a significant drop of over 5.9%, currently trading around the $63,700 - $64,000 mark.
What’s happening?
The main reasons for this weekend's volatility seem to be geopolitical tensions in the Middle East and investors taking profits after the massive rally we saw earlier this year. Many traders are watching the $60,000 support level very closely. If we hold this, a bounce back to $68k is very possible.
However, if the price breaks below $60k, we might see a deeper correction. As always, "Buy the Dip" is the slogan for long-term believers, but short-term traders should use tight Stop Losses!
What are your thoughts? Is $63k a bargain or are you waiting for $60k? Let me know in the comments!
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