Breaking Down the Bitcoin Sell-Off

Another significant sell-off has hit Bitcoin, this time originating from increased volume at the upper boundary of the downward channel on the CME chart.

Is this just market manipulation?
Many are speculating that the recent plunge, amounting to roughly $2 billion in Bitcoin, was orchestrated by the US government. It’s a perplexing situation where crypto is simultaneously praised and undermined by those in power. Clearly, the scales still tip in favor of the naysayers.

What's next for Bitcoin?
For now, my outlook remains unchanged. I anticipate a rebound from the channel's upper boundary, followed by continued movement within the broader downward channel.

To confirm a sustained downtrend, Bitcoin needs to break below 67-66K initially, and then dive under the 64K mark.

Let’s keep a close eye on these levels!

#Bitcoin #Market #manipulations