BTC: Don't We Know Why?
I am no BTC maxi, but I have come to dislike the presence of the ETF funds. We all remember the enthusiasm felt before they entered the market. We all remember how Larry Fink criticised BTC. We also remember his sudden conversion. BTC price has continued to fall for longer than expected. Despite punditry's best efforts, the price continues in the doldrums. Buying by the ETFs has slowed, with some selling some of their BTC positions. Now we learn that the German government is divesting itself of the BTC seized from criminal elements. And let us not forget that Mt. Gox is looking to pay its creditors, who themselves may sell their positions. All this activity is bound to affect the BTC price. Fear and greed on Binance is now at 29.
BTC has fallen steadily for a few days, and things might not improve. First, the price has fallen below the 200-day moving average. We also see the same with 21-weekly EMA. We must remember that BTC broke through an area of support between $58,000 and $60,000. On Coinbase, BTC went as low as $53499! While on the South African crypto exchange Luno, BTC went as low as $51707!
As of writing, BTC is at $55090 - a bit of a recovery. I say be cautious, as anything can happen. If the price breaks $53499, we may find the next price between $50 - $52k. Anything lower than that, and the gods of crypto know where next. No one wants to catch a falling knife. And as to where that knife will fall, your guess is as good as mine.
