Bitcoin (BTC) experienced a sharp pullback in early Asian trading on Monday, dropping $85,500 amid increasing expectations of a December rate hike by the Bank of Japan (BoJ).
Key takeaways:
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Bitcoin dropped 5% to $85,000 in a marketwide correction, liquidating $656 million in longs.
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Mounting expectations for a BoJ rate hike at its Dec. 18-19 meeting weighed down on the BTC price.
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Bitcoin’s bear flag projects a potential drop to $67,700.
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