Bitcoin had a look at the late-January lows in Asian trading but support held. This time it didn't and it's been a quick plunge lower, falling to $21,950 from $22,500 in minutes.
That has the daily chart looking like this:
That's not a good sign for crypto and ethereum is lagging, down 5% to Bitcoin 's 4%. It's also not a good sign for broad risk trades, which have tracked -- and tended to lead -- BTC for much of the past year.
The Nasdaq is down 0.6% today as Google continues to get pounded on indications it's a step behind in the AI race.
For crypto specifically, the SEC is going hard after brokers and that's going to make life tough in the space.
“We’re hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers,” Coinbase's said today.
I still tend to think this is all noise ahead of CPI next week but BTC/USD looks like it could go down and test $21,000.
