Trump's pick for Treasury Secretary Scott Bessent is a prominent pro-crypto investor and is seen as bullish for crypto investing. So why did Bitcoin decline 6% after the pick was announced? Perhaps the pick was too bullish for Bitcoin. We noticed that other cryptocurrencies like Ether rallied as Bitcoin sold off, indicating investors may have used BTC profits to invest in other cryptos. Bitcoin is up nearly 80% since September 6, while Ether is up only 60% so Bitcoin could consolidate while other cryptocurrencies catch up. BTC falling below $86k would grab our attention.
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