Past yen shocks were followed by BTC dropping 30% before rebounding more than 100%, a pattern traders are watching as talk of Japan’s intervention returns.
Bitcoin (BTC) may face another sharp sell-off if growing talk of a Japanese yen (JPY) intervention turns into action, with past intervention episodes coinciding with 30% drawdowns in BTC price.
Key takeaways:
Past Japanese yen shocks saw BTC drop about 30%, and then recover by over 100%.
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