Bitcoin (BTC) continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following last week's successful launch of Bitcoin exchange-traded funds.
On Dec. 18, 2017, the launch of a Bitcoin futures product by the Chicago Mercantile Exchange ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (NASDAQ:COIN) on April 4, 2021. This suggests that the old adage “buy the rumor, sell the news” could be repeated in the real world once again.