As Bitcoin Breaks Support, Bulls and Bears Pretend to Know the Unknowable

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by Mish Shedlock, Mishtalk:

I don’t know where Bitcoin is headed and no one else does either, but margin calls and leverage could easily lead to a rout.

Bitcoin broke technical support at the $35,000 level, but that support was very weak with only one bounce off that level.

Words of Warnings

Technically speaking, the $32,000 level looks far more promising for a bounce.

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But this is a bear market now, not just in Bitcoin but in all risk assets. Thus, there is no reason, fundamental or technical, for a bounce at the $32,000 level to hold.

And if it doesn’t, the next support is at the $19,000 level.

Margin Calls 

The $19,000 level is an interesting level because margin calls are in play.

MSTR Takes Out Loan to Buy Bitcoin


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