Bitcoin's $60,000 Drop Signifies Capitulation Event, On-Chain Data Suggests Bottom
Bitcoin's $60,000 Drop Signifies Capitulation Event, On-Chain Data Suggests Bottom
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On-chain data indicates that Bitcoin's February drop to approximately $60,000 was a significant capitulation event, characterized by the surrender of different seller groups. While a period of single-day panic, this 'washout' is identified as a potential cycle bottom, signaling a rotation of sellers and a crucial turning point in the market.
Bitcoin’s February drop to about $60,000 was the kind of single-day panic people will remember as a bottom. But the more accurate reading of this washout is harder and more useful: this cycle quit in stages, and the sellers rotated. A Feb. 10 report from Checkonchain framed the move as a capitulation event that arrived […]