The break of the 100-day moving average (red line) and $90,000 mark set off a heavy wave of selling in the past week. And that's culminating with yet another key technical break now as noted above.
It's been a tough week for risk assets in general with the dollar also keeping firmer overall. But in the case of Bitcoin, it is also suffering from some added spillover pain from Ethereum - which experienced a bit of a fallout from the whole ByBit hacking drama.
The silver lining for Bitcoin is that some dips that follow the pattern above don't quite adhere to the traditional asset class narrative; albeit with a very small sample size.
That being said, the latter was also a lesson to be heeded as price subsequently turned lower in 2022 in a fall to $18,000. So, while there are some positive experiences for dip buyers, it's not necessarily a given.
The upshot here is to read the tea leaves and play the odds accordingly. The technical signs are troubling for Bitcoin and the fallout here comes alongside some selling in broader markets too i.e. US stocks and gold. That's something to be wary about as we run the risk of a sharper correction across the board.
This article was written by Justin Low at www.forexlive.com.Hence then, the article about the technicals are growing more alarming for bitcoin this week was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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