Bitcoin’s 30% Drop To Catapult It to New Peak, Here’s How
Bitcoin (BTC) significantly dropped over the weekend following a notable recovery throughout the past week. The king coin endured a sell-off, pushing its price down below $58,000. At press time, BTC was trading at $58,655.04, with a 4% drop over the past 24 hours. The cryptocurrency community has been expecting the king coin to move in a whole different direction following the much-awaited halving event. But why is Bitcoin dipping? Factors Influencing Bitcoin’s Recent Drop Looking Into The ‘33rd Week Curse’ Over the past ten years, Coinglass data indicates that Bitcoin has typically dropped by 1% during the 33rd week of the year week. Historical Performance However, 2013 was an exception, with a strong performance. Since the 33rd week of Bitcoin, it has seen three double-digit declines. The 31st week of the year witnessed a 15% decrease, and in week 32, Bitcoin momentarily inched toward $49,000, signifying a noteworthy 38% reduction from its peak. Source Also Read: Bitcoin: Expert...