Bitcoin at the lows of the day
Bitcoin is having a rough week. It's down another 7.3% today to $31,900 after a similar fall yesterday.
The Miami bitcoin conference was cringey and the US government stealing back the bitcoin from the Colonial pipeline hackers is a reminder about security and confiscation risks.
There's a bit of a civil war ongoing within crypto as well between investment tokens like bitcoin and those with more utility, like ether. Neither are winning today though with ETH down 10%.
Ultimately, bitcoin is one of the most-technical trades I've ever seen. That's bad news right now because the wedge/triangle consolidation after the first fall to $30,000 has resolved to the downside. If $30,000 breaks again, it could be one the way to $20,000. For now though, the first step is a re-test of the big figure. Expect some more consolidation there.
A month ago with prices at $44,000 I wrote about why bitcoin may never recover.