Wednesday’s spike low in danger
Bitcoin is down $2000 right now or 3% and is now threatening Wednesday’s spike low of $62,856 with costs round $200 above that.
A breakdown might threaten $60,000 once more.
I will be watching broad market sentiment as a guidepost. There’s some discuss bitcoin as an inflation hedge however I do not suppose it is there but.
It has been a irritating run of false breakout and breakdowns in bitcoin in latest weeks. It is one of many more-reliable technical trades on the market nevertheless it hasn’t been enjoying out that means not too long ago.
The weekly candle is not shaping as much as be an ideal one however you solely must go three weeks again to see a spinning prime that did not lead to a lot draw back. Total, I believe the bulls are nonetheless onto one thing right here nevertheless it’s robust to navigate the volatility.