Bitcoin decided to skip leg day and spilled under $110,000, continuing its journey down from a recent high of $123,000. âExpertsâ (aka people who have watched too many Wolf of Wall Street clips) say itâs just a classic cycle, not the start of some tragic breakup. The good news? Bitcoin is still lounging above its 200-day moving average, which apparently is like the emotional support animal of price charts.
Why all the rollercoaster action? Big whales are emptying out their wallets faster than I ditch my New Yearâs resolutions, causing a cascade of retail sell-offs. This happens every cycle-like pumpkin spice season, it keeps coming back whether you like it or not. Bitcoin getting overbought at $123K was everybodyâs cue to say âcorrection incoming!â Now that things are getting oversold, Wall Street is keeping one eye open, ready for a rebound like a sequel nobody asked for.