Bitcoin Plunges Over 10%, Hits New Low Since Trump's Election! Should You Buy the Dip or Run for Cover?
TradingKey - Bitcoin has plummeted over 10% today to post-election low, but BitMEX co-founder sees buying opportunity in the dip.
On Monday, global financial markets suffered sharp losses, with equities, gold, and oil all declining. Bitcoin was no exception, falling more than 10%. As of press time, Bitcoin (BTC) had dropped below $75,000, reaching a low of $74,508—the lowest level since November 6th, when Donald Trump was elected the 47th President of the United States.
Bitcoin Price Trend Chart, Source: TradingView.
BitMEX co-founder Arthur Hayes weighed in on the market turmoil, stating that he was buying the dip. However, he added a note of caution, saying,, "If BTC falls below $76,500, my credibility is doomed."
Arthur Hayes' Post, Source: X.
From a technical analysis perspective, Bitcoin is approaching the $74,000 support level—a position that has repeatedly failed to rebound in the past. However, it was strongly broken through during Trump's influence, turning from a strong resistance level into a strong support level. Additionally, the Fear & Greed Index stands at 17 today, indicating extreme fear, which often precedes a rebound.
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