Bitcoin price just experienced one of its fastest and sharpest corrections in over a year, dropping 10% in a matter of minutes. The mass liquidations and panic from the selloff caused BTCUSD daily charts to reach the most oversold level since the COVID crash in early 2020. BTC Panic-Selling Reaches Extremes Not Seen Since COVID Crash As much as people try to fight it, investing and trading is an emotion-driven process. Few emotions cause humans to take action more urgently than those associated with fear and panic. This is precisely why selloffs tend to be sharper and scarier than bull markets. “Bulls take the stairs, bears ride the elevator” is just one adage that symbolizes this noted market behavior. Related Reading: This Bitcoin Continuation Pattern Points To 3-6 Months Of Uptrend Ahead For example, the COVID collapse in March 2020 took only a matter of days to erase 70% of Bitcoin’s price. This instance was the last time the Relative Strength Index technical indicator on the daily timeframe became this oversold. After Bitcoin’s recently drop this week, the dail ..
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