Bitcoin bleeds towards the lows of the day
Bitcoin looks to revisit the lows
Bitcoin fell as low as $42,141 in Asian trading then bounced to $46,000. It's back on the defensive once again and down 3.7% to $42,288.
Bitcoin's recovery came after Elon Musk clarified that Tesla hadn't sold at bitcoin but it appears as though sentiment is wounded.
There is certainly a lively battle on the internet unfolding between supporters of Musk and supporters of bitcoin.
Here is why bitcoin may never recover to the old highs.
As for the chart, this isn't a pretty picture. Bitcoin is one of the most-technical charts out there and if the January high gives way, there isn't much of a cushion down to $30,000.