The breakdown continues
In a market where there are no fundamentals, technicals are king.
There are no cash flows, dividends or revenues to put a floor under Bitcoin or nearly any other crypto. The main driver of what it's worth is how much people like it. And how much people like it is often dependent on the price.
It's all gone wrong at the moment.
In London I was listening to top people in crypto talking about a floor at $6000 last week just as it was breaking down. They weren't the only people betting big on that support level and now it's a rush to the exits.
At the moment, the psychological support at $5000 is holding but there isn't any major technical support until $2975.
What makes this slump especially damaging is that it comes after the approval of a Bitcoin in Switzerland, something that should have been a tailwind.
Looking around the internet, you could say that sentiment isn't exactly great. here's a smapling.
Could one of the greatest bubbles of all-time be about to have one of the greatest busts? It could get very ugly, very fast.
