🪙Bitcoin hovers near $70,000 as analyst calls sell-off 'a mere crisis of confidence'
Bitcoin (BTC-USD) stayed near $70,000 on Tuesday after last week's sharp sell-off and subsequent rebound.📉
🪙The cryptocurrency is down roughly 45% from its all-time high north of $126,000 set last October, when forced liquidations and whale sales triggered a crypto winter.📉
🪙Selling intensified last week when the token saw its worst daily drop since November 2022.
"The current bitcoin price action is a mere crisis of confidence. Nothing broke, no skeletons will show up," Bernstein analyst Gautam Chhugani said in a note on Monday morning.📉
"In an AI world, bitcoin and crypto are not interesting enough," Chhugani said, adding that the "bitcoin bear case is the weakest in its history."
BTCUSDT
Perp
70,582.7
+1.15%