$BTC
Bitcoin dips to around $77,000
Today, Bitcoin was hit again; it even briefly touched around $77,000.
This drop isn’t really unexpected. Oil prices are pushing higher, U.S. Treasury yields are also rising, and fears that the Federal Reserve will continue tightening have resurfaced.
Naturally, risk assets take the first blow.
For my part, I’m not in a rush to try to pick the bottom. The key is whether it can hold steady around $77,000.
If that level holds, there may be an opportunity for a rebound afterward.
If it breaks down below on increased volume, then don’t force it—more support will still need to be found.
My plan is to go long; it probably won’t be too painful of a “fly knife.”
Bitcoin dips to around $77,000
Today, Bitcoin was hit again; it even briefly touched around $77,000.
This drop isn’t really unexpected. Oil prices are pushing higher, U.S. Treasury yields are also rising, and fears that the Federal Reserve will continue tightening have resurfaced.
Naturally, risk assets take the first blow.
For my part, I’m not in a rush to try to pick the bottom. The key is whether it can hold steady around $77,000.
If that level holds, there may be an opportunity for a rebound afterward.
If it breaks down below on increased volume, then don’t force it—more support will still need to be found.
My plan is to go long; it probably won’t be too painful of a “fly knife.”
