Bitcoin’s price took a surprising 5% nosedive on Aug. 14, after what should have been good news with the US inflation data
The day started with $BTC shooting up to nearly $62,000, thanks to a lower-than-expected CPI print. But just as quickly, the excitement fizzled out, and #Bitcoin dropped $3,000 in just over an hour.
This dramatic reversal is a textbook fakeout move. While some traders eye $55,000 as a potential entry point, the market’s low volume and bearish price action suggest that further downside could be ahead.
