In what seems to be a classic Bart pattern, Bitcoin lost all of yesterday’s gains as the market shed some $100 billion in the process.
The cryptocurrency market lost around $100 billion in the past 24 hours as Bitcoin’s price retraced entirely from its yesterday pump that was largely induced by the release of President Joe Biden’s executive order on digital assets.reported yesterday, Bitcoin’s price jumped from around $39,000 to above $42,000 in a massive surge that was mainly caused by the release of the long-awaited executive order on digital assets that’s to be signed by the US President.
Fast forward 24 hours, though, and the gains are all gone. Bitcoin painted a classic Bart pattern on the charts and retraced to where it was trading before yesterday’s surge, as seen in this illustrative chart below:Somewhat expectedly, the broader cryptocurrency market shed some $100 billion while BTC was dropping. Altcoins also dropped, albeit not as considerable.This is all you need not to miss any price action in the raging crypto markets.