Why Did Bitcoin Price Drop to $62K Today?

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Samson Mow, a leading figure in the cryptocurrency market pointed out an unusual site of Bitcoin over the weekend and the reason behind it. Let’s look at Mow’s take on Bitcoin’s current underperformance and its price analysis with just 3 days from Bitcoin Halving. 

The Omega Time for Bitcoin

Bitcoin has dropped by 13% from its ATH and is trading around the level of $63K. Addressing to certain negative developments over the Middle East, Bitcoin investor Samson Mow clearly spoke out about “how the fear of war triggered derisking on the weekend” which severely affected both traditional financial (TradFi) markets and Bitcoin, the solo coin to trade globally on weekends. 

Mow believes such reactions are often overreactions and will likely subside soon, leading to “Omega time.”

Mow discusses that the current confusion prevailing in the market is the time of Bitcoin halving as it has already been half of April, and the Halving event is due in 3 days. 

However, despite the uncertainty, Mow regards Bitcoin halving as a major catalyst for a massive supply shock. He encourages investors to track ETF inflows and demand while remaining aware of upcoming developments, such as the launch of Hong Kong ETFs.

Bitcoin Price at-the-moment

Bitcoin is facing tremendous selling pressure in the market due to global factors like halving and ETFs. Bulls have seemingly gone weak, and bearish sentiment is likely to prevail with little to no chances of rebound. 

The crypto market is currently highly volatile with just 3 days left to the fourth Bitcoin halving. The price chart shows a double bottom pattern, suggesting a bearish outlook and a possible 20% drop in Bitccoin’s price from the ATH. 

Bitcoin is highly volatile, fluctuating between $62,773 and $66,797 in the past week. There’s weak bullish conviction and chances to rebound as the price has failed to surpass $71,287. Nonetheless, a breach below $61,308 could shift momentum to bearish.