There are never any coincidences in geopolitics. Things happen when they happen for reasons. And sometimes those reasons are not readily apparent.

In the case of bitcoin it happened after the FOMC shocked markets the same day Presidents Biden and Putin met in Geneva, signaling a shift in monetary policy which drained markets of a lot of dollars.

So the stage was set for China to pile on, here.

For bitcoin bulls, especially those looking at things technically, these were a scary couple of hours. Bitcoin has been vulnerable psychologically since the May 19th bloodbath. It's never bullish when a recent low is violated, it's especially worrying when that May19th low of 30,261.70 (Investing.com Bitcoin Index price) had already been tested a few times and seemed to hold.

So, in no way should we make light of that violation. But as the day wore on and the market refused to break down further, we saw the inevitable snapback rally associated with the bulls making a big statement, forcing overzealous shorts to cover.