Bitcoin Continues to Search for Footing
Enter your emailmarkets fell a bit on Monday but found buyers underneath to continue to push the issue for stability.
Bitcoin is a risk asset, and it appears that there is at least an attempt to go back towards a “risk on” attitude during the trading session on Monday. This could change very quickly, but so far it looks like the buyers are trying to step in and pick everything back up. If that is going to be the case, then Bitcoin should be one of the beneficiaries as it had been beaten down so hard over the last several months.
To the downside, if we were to crack below the $40,000 level, it would be a psychologically damaging situation for the Bitcoin markets, and I would not be overly surprised to see them race towards the $35,000 level underneath. Granted, we have stabilized a bit during the day on Monday, but this is still a very real threat. Remember, if we get some type of massive selloff in risk appetite, Bitcoin andin general will be one of the first places they start pulling money from.
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