Bitcoin extends pullback from record high over the weekend
Bitcoin falls further below $55,000 after pushing to a record high near $62,000 over the weekend
As always with most major milestones that Bitcoin tends to hit, the volatility swings that follow can be pretty brutal and we are already seeing a plunge from $60,000 to levels just under $55,000 today as price falls by more than 9%.
As much as it is a wild time in the market in general, cryptocurrencies are still among the most volatile assets out there and this is yet another example.
That said, unless institutional interest abates - which doesn't look like it - then this perhaps is setting up for another potential dip buying opportunity for the HODLers.
As Adam also pointed out on Saturday, there's also still a lot of FOMO involved too among retailers and that is another psychological factor to consider in all of this.
This story from India potentially banning crypto may be in part a reason for the drop but we've seen similar episodes in Bitcoin when hitting $30,000 and $40,000 previously, so that's more of a convenient excuse in my view.