Bitcoin Could "Easily" Fall to $60,000 If Decline Continues. Here's Why It's under Pressure
Bitcoin on Tuesday fell as low as under $63,000, as exchange-traded funds investing in the cryptocurrency on Monday saw their first day of net outflows since March 1.The No.1 crypto was last trading at around $65,337, down 2.8% over the past 24 hours. Bitcoin is now down 7.8% over the past seven days, but is still up over 50% this year to date, according to CoinDesk data. The crypto hit a record high at $73,798 last week."We are officially in the throes of a correction that had long been anticipated and was well overdue," Joel Kruger, market strategist at forex and crypto broker LMAX Group, wrote in emailed comments. While bitcoin's overall uptrend remains intact, it could easily dip back down below $60,000, according to Kruger."It makes sense for someone who bought bitcoin at $20,000, $30,000 and $50,000 to go and take some chips off the table," Robinson said in a call.Investors are watching the Federal Reserve meeting that concludes on Wednesday, which could impact bitcoin's short-