Bitcoin Faces Do Or Die Situation, Will Miners Save the Day for BTC?

[Sharpmax]

Bitcoin price on Sunday fell by nearly 10% reaching sub $54K levels and later recovered up to $57K on Monday before facing another wave of corrections leading to $54K levels again. While many analysts have pointed towards the recent sharp drop in network hashrate due to a power outage in China being the reason for the price drop, others suggest the drop was nothing out of the blue as Bitcoin price has registered a sharp correction up to 25% after every new ATH.
The Sunday price correction led to record liquidation of high-leverage long positions in upward of $4 billion. The liquidation spree started a war of words on the reason behind the sell-off giving rise to the Hashrate FUD, where many analysts claimed the drop of nearly 40% was the main reason behind the price correction, while others pointed towards the fact that power outage happened on April 15 and e even though did record a sharp correction it was only around 15-20% from its ATH. Source