It's been a tough week for risk assets in general with the dollar also keeping firmer overall. But in the case of Bitcoin, it is also suffering from some added spillover pain from Ethereum - which experienced a bit of a fallout from the whole ByBit hacking drama.
That being said, the latter was also a lesson to be heeded as price subsequently turned lower in 2022 in a fall to $18,000. So, while there are some positive experiences for dip buyers, it's not necessarily a given.
The upshot here is to read the tea leaves and play the odds accordingly. The technical signs are troubling for Bitcoin and the fallout here comes alongside some selling in broader markets too i.e. US stocks and gold. That's something to be wary about as we run the risk of a sharper correction across the board.
This article was written by Justin Low at www.forexlive.com. Read More Details
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