The US strategic bitcoin reserve announcement wasn't the catalyst that bitcoin bulls hoped it would be. Instead, it's created a flurry of 'sell the fact' trades that have it threatening the lowest levels since the election.
Bitcoin is currently trading down $3000 and just above $80,000. It fell as low as $79,370 a few minutes ago, touching a session low as broad risk trades are beaten up.
$78,273 was the intraday low in February and that's important support from here.
Many 'Trump trades' have done a full reversal, including Tesla which is down 9% and is now trading below pre-election levels.
On the morning of the US vote, bitcoin traded at $69K but rose to $76.5K by the end of the day. In the year before the election it traded in a range of $55K-$73K, tagging both sides of that frequently.
We could be seeing a retest of that old range and that's where I would expect stronger bids to show up.
At the moment though, there is a major deleveraging unfolding across markets.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about bitcoin touches below 80 000 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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