A Break Of $30,000 Would Make Bitcoin Vulnerable To A Bigger Slide

SourceForbes
SectorFinancial Markets
CountryMiddle east

Share to Linkedin We looked at three bubble charts a few weeks ago (bitcoin, Tesla TSLA and lumber), each of which continue to look like the air is coming out. On that note, bitcoin has taken another few punches in recent days. Over the weekend, a big bitcoin event was held in Miami that included a lot of dogmatic commentary (typical of bubble markets).

Then yesterday, the Justice Department announced that it had recovered $2. 3 million of the ransom collected from the Colonial Pipeline hack. It turns out bitcoin isn’t safe from government seizure. Add to that, today the IRS is asking Congress to require large crypto currency transfers to be reported to the IRS. With the cracks in the security benefit of the bitcoin armor, this morning it traded back down the May crash lows… As you can see in the chart, the price of bitcoin looks very vulnerable to a bigger slide on a break below $30,...read more...