Bitcoin Drop is a ‘Healthy Realignment’, Analyst Claims

Bitcoin’s nearly 10% drop last week was seen as a “healthy realignment” that should reduce the risk of sudden price declines in the coming days and weeks, according to analysts from crypto exchange Bitfinex. In an October 6 report, Bitfinex analysts noted that Bitcoin’s dip to the $60,000 support level, along with other critical technical factors, indicated reduced volatility. Bitcoin had rallied to $66,600 on September 27, but optimism quickly faded as rising geopolitical tensions in the Middle East and concerns over the U.S. economy dampened the risk appetite. From September 27 to October 4, Bitcoin experienced a 9.94% decline