Here's One Reason Why Bitcoin (BTC) Dropped Below $30,000

$BTC is battling increased selling pressure as euphoria on markets ends

This influx of new buyers propels prices even higher. However, this scenario can lead to the formation of market peaks when the wave of buyers subsides and prices start to undergo corrections.

This contrarian perspective suggests that the recent Bitcoin price drop could be a natural reaction to overly optimistic expectations surrounding the Ethereum unlock since a large cohort of influencers marked this move as the beginning of a long-term bull market.The recent Ethereum update may have encouraged an increase in stablecoin retail investments, contributing to the initial Bitcoin price surge.

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