Key points:
Bitcoin rebounds from another support retest, but fears over a Nashville conference-induced comedown are growing.
The biggest Bitcoin gathering tends to accompany BTC price weakness.
BTC price action can and will continue to experience drawdowns of 10-20%, analysis stresses.
Bitcoin (BTC) circled $110,000 at the May 27 Wall Street open amid concerns over a 30% BTC price crash.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin “market memory” may recall 2024 crash
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering after its latest support retest around $107,000.
As large-volume traders took advantage of the volatility, market commentators turned to potential risk factors, these coming from multiple sources.
Uncertainty over US trade tariffs and the return of Wall Street after the Memorial Day holiday combined with the ghost of BTC price losses from a year ago.
In July 2024, the Bitcoin 2024 Conference