Bitcoin Analyst Warns of “Insane Shakeout” as Price Breaks Below $9.6K

Bitcoin rallied above $9,600 during the afternoon hours of the New York session Thursday. But it corrected lower on profit-taking sentiment among daytraders. Market analyst Ryan Scott warned that Bitcoin could undergo an “insane shakeout wick.” Bitcoin price held steady on Friday despite correcting below $9,600 following a supersonic rally yesterday. The benchmark cryptocurrency established a quarter-to-date top at $9,686 as bids for safe-haven assets, including gold, picked momentum against rising unemployment claims, and US-China geopolitical tensions. The jump later prompted daytraders to secure their short-term profits at local peaks, causing a downside correction. Bitcoin price corrects lower upon breaching the $9,600-level. Source: TradingView.com Spot bitcoin fell by as much as 1.41 percent to $9,549 per token on the said profit-taking sentiment. The correction surfaced as a part of a broader uptrend that began in March 2020. After Bitcoin bottomed near $3,858, a flurry of central banks’ expansionary policies helped…

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