XMAS sell off time. Got to buy those goodies before then. Don’t expect much anymore this year except further downturn
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Today’s decline in BTC and the entire crypto market is most likely the result of a clear message from the People’s Bank of China (PBoC) about cracking down on the stablecoin market, which is considered a threat to the country’s financial system in China:
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We have an interesting situation on BTC. Looking at the daily chart, the upward turn of the 15-session average indicates an open path upwards, but the price is clearly struggling with the lower limit of the falling wedge
If it turns out that Bitcoin, despite its excellent position for upward movement, does not take advantage of it, then most likely there will be a further decline in the exchange rate and testing of the 100-week average around $83-84,000, ending the week at this level. Only then will there be a chance for growth in order to end the month and year significantly higher
It is worth noting here that despite a significant drop in price from its peak to levels of $80,000+, the accum/distr indicator does not confirm this decline (the indicator is rising despite the drop in BTC price), which means that we have a chance for the increase I mentioned above.
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