After the news about SEC delayed VanEck-SolidX ETF proposal Bitcoin is on a free fall and is getting closer to the $6k line, at the moment sitting at $6200ish, in current market conditions the push from $6k to $8k was total manipulation and with the volume shown during those days that was definitely individuals and not corporations moving the market.
BTC will most likely test again the lines below $5800.00 and bounce back, remember trading in an essence is pure sentiment, we are all humans and we are all watching the same charts, as usual retail traders will think that price will bounce when RSI hits oversold zone but even at the point price can keep dropping, be careful.
Crypto market still moves based on sentiment, previous rally was a small breath after the suffering of eight months of bear market, altcoins are getting crush and those that have been able to keep up its BTC price are as mystic as a Unicorn.
This crash is prove enough that the market is still not ready to move up, crypto market needs new money, manipulation of certain individuals took basically the entire market holders and gave them some hope to crash them once again, same as other ETF proposals the SEC was not going to approve it on the first opportunity, the only coin that held its BTC value since January is BNB and that’s the eight wonder of crypto.
Back to Bitmex, Bart Simpson Time
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