Bitcoin Drops After Record-Setting Rally; Is Bearish Bias Returning?

Bitcoin Drops After Record-Setting Rally; Is Bearish Bias Returning?


Key Bitcoin Takeaways Bitcoin plunged by almost 5.5 percent on Monday after setting up a record high in the previous session. The one-day drop is the largest since February 10, pointing to extended intraday declines as the European session matures. Long-term sentiment remains bullish on growing corporate adoption against the US dollar depreciation.

Bitcoin (BTC/USD) sold off heavily throughout the Asian and early European session on Monday after achieving a new record high of $58,367 in the previous session.

The flagship cryptocurrency was down by up to 5.5 percent after the London opening bell, flirting with short-term technical support near $55,550 for an extended bearish breakout move. In doing so, BTC/USD targets the $52,000-54,000 as its next downside target.

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Looking from a broader perspective, the pair appeared to have been testing an upward sloping trendline that acts as a price floor to a Rising Wedge pattern. Technically, a break lower risks sending the Bitcoin price lower by

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