BTC hit a new local high around $65,000 before falling off due to scares across the market. The Biden imposed wealth tax for capital gains hit Bitcoin heavy with the fear of the cap gains tax rate hiking all the way up to 39% from 20% where it stands right now, almost a 2x increase.
At the moment, Bitcoin looks like its still in a falling knife trying to find its bottom. A realistic view that I see playing out is Bitcoin retesting $41,000 before moving back up. This level was the previous swing high created in the 1st week of January and took about a month of accumulation before it popped off higher and created new highs. Since this $41,337 level though it hasn't been backtested yet and its very possible Bitcoin could be on its way to hit $41,000.
Bitcoin broke its long term trend created from that $41,000 spike up and there is nothing holding the price back from hitting $39,696 - $41,000 level again before moving back up for another new high cycle.
This is going to take a few weeks or so to reverse back up if we don't pump through $51,000 right now. Will keep you guys updated. I can see a potential retest of this downtrend suck everyone into FOMO'ing long and then the market makers just dump it on us again back to 41. That's what I see playing out let me know in the comments your thoughts
At the moment, Bitcoin looks like its still in a falling knife trying to find its bottom. A realistic view that I see playing out is Bitcoin retesting $41,000 before moving back up. This level was the previous swing high created in the 1st week of January and took about a month of accumulation before it popped off higher and created new highs. Since this $41,337 level though it hasn't been backtested yet and its very possible Bitcoin could be on its way to hit $41,000.
Bitcoin broke its long term trend created from that $41,000 spike up and there is nothing holding the price back from hitting $39,696 - $41,000 level again before moving back up for another new high cycle.
This is going to take a few weeks or so to reverse back up if we don't pump through $51,000 right now. Will keep you guys updated. I can see a potential retest of this downtrend suck everyone into FOMO'ing long and then the market makers just dump it on us again back to 41. That's what I see playing out let me know in the comments your thoughts
