Bitcoin just broke below the floor of its famous Rainbow Chart into the ‘BTC is dead’ zone
CoinDesk·
60-second summary
Bitcoin has broken below the floor of its famous Rainbow Chart, entering the 'BTC is dead' zone, a 50% drop from recent highs that historically signals a dead end. Analysts are debating the implications of this move, weighing the potential for a rebound against the possibility of further decline, as the crypto market remains volatile and uncertain.
A 50% drop from recent highs has pushed the asset into a zone historically labeled as a dead end, sparking a debate among crypto analysts.