Bitcoin nosedives below $28K, options favor bearish sentiment

Bitcoin price drops below $29,000 for the first time in 56 days

On August 16th, Bitcoin closed below $29,000 for the first time in 56 days, prompting analysts to look for reasons behind the drop. Many pointed to the Federal Open Market Committee minutes released earlier in the week, which expressed concerns about inflation and the need to increase interest rates. These concerns likely contributed to the downward pressure on Bitcoin and complicated its search for a bottom.