Bitcoin (BTC) Price Stabilizes After Its Sudden Crash This Week, Though \'Extreme Fear\' Is Threatening to Cause Further Problems

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Bitcoin price today fell sharply after rallying to highs not seen since early March as collapsed bitcoin exchange Mt. Gox begins moving what could be a tidal wave of bitcoin.

Bitcoin price crashed to lows not seen since early February after a brief recovery from the March lows saw bitcoin rally sharply, hitting highs of $63,000.

Now, after bitcoin crashed out of a key technical pattern traders use to predict the next leg up, the bitcoin price is bracing for the U.S. budget deficit to increase by 27% next year, to $1.9 trillion.

Some think this is likely to boost the bitcoin price, which has crashed out of a key technical pattern that saw bitcoin rally sharply from lows of $33,000 in January.

After Federal Reserve chair Jerome Powell warned of a "critical period," the bitcoin price crashed out of a key technical pattern some used to predict bitcoin's recent rally from lows of $33,000.

Bitcoin price crashed out of a key technical pattern that saw bitcoin rally sharply from lows of $33,000 in January after U.S. Treasury secretary Janet Yellen warned over the spiraling $34 trillion U.S. debt pile.

"Until the government stops spending like drunken sailors ... bitcoin as a core holding makes all the sense in the world to me," said Michael Novogratz, chief executive of crypto-focused financial services company Galaxy Digital, speaking to CNBC, adding that both former president Donald Trump and president Joe Biden "have been the two worst presidents in terms of increasing debt, in the history of our country."

Biden faced increasing calls to step aside this week and make room for a new Democratic Party candidate to run against former president and presumptive Republican nominee Donald Trump.

Biden's odds of dropping out of this year's White House race have suddenly soared over the last few days to 62% on crypto-based prediction platform Polymarket.

Last month, some thought the spiraling $34 trillion U.S. debt pile—which Yellen issued a serious warning over—could catapult the bitcoin price to $1 million over the next 18 months.

Congressional Budget Office added this month that the U.S. budget deficit is projected to hit $1.9 trillion next year, after adding $1.3 trillion in the last twelve months.

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