See why Bitcoin is looking soft today here:
has offered dynamic resistance and is likely that we will continue to see traders pay close attention to it. This is especially true with Bitcoin, as it seems to be such a technically driven asset. After all, is merely a speculative asset, and not something that has anything along the lines of a dividend, nor is it easy to look at fundamentals for Bitcoin because quite frankly we don’t know what Bitcoin will be in the end.
This sets it up as a market that tends to follow a lot of technical analysis because it’s almost impossible to value Bitcoin like you can a real-life asset that is physical and can easily be seen. For example, if you are trying to value something like Walmart, you can take a lot of different metrics and calculate what the value of the company is. After all, even if Walmart imploded, you still have some value there, be it real estate, inventory, etc.
As long as we do not have an environment where a lot of people are willing to speculate large amounts of money, Bitcoin stands no real chance. If we break it down below the $18,000 level, then it’s possible that Bitcoin is going to continue to drop significantly, perhaps even dropping all the way down to the $12,000 level where I think a lot of people will be willing to jump in and start picking up more Bitcoin for a bigger move.
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