Bitcoin really broke below $70,000 around noon. It briefly hit a low of $68,527 and is now hovering around $68,690, down nearly 7% in 24 hours. The RSI is just 29.5, already in oversold territory. This morning we were still talking about holding the key level, but by noon it had given way. ETFs saw $1.44 billion in outflows over five days, and institutional money is still heading out.
Even the privacy coin that had been holding up best couldn’t take the pressure. ZEC is down 8.6% today at $896, after opening above $980 this morning. Yesterday it was leading the sector; today it dropped the baton. That shows this isn’t sector rotation—everyone is retreating.
My take: being oversold doesn’t mean a rebound is imminent. The PPI report at 9:30 p.m. tonight will be the next big test. Since I have bills to pay every month, all I’m watching right now is whether my cash flow can weather this and whether my positions could affect next month’s payments. Everything else is noise.
Are you watching the $70,000 level and waiting for Bitcoin to reclaim it, or have you already closed the app so you don’t have to see it?
$BTC $ZEC $ETH
This is not investment advice. Make your own decisions.
Even the privacy coin that had been holding up best couldn’t take the pressure. ZEC is down 8.6% today at $896, after opening above $980 this morning. Yesterday it was leading the sector; today it dropped the baton. That shows this isn’t sector rotation—everyone is retreating.
My take: being oversold doesn’t mean a rebound is imminent. The PPI report at 9:30 p.m. tonight will be the next big test. Since I have bills to pay every month, all I’m watching right now is whether my cash flow can weather this and whether my positions could affect next month’s payments. Everything else is noise.
Are you watching the $70,000 level and waiting for Bitcoin to reclaim it, or have you already closed the app so you don’t have to see it?
$BTC $ZEC $ETH
This is not investment advice. Make your own decisions.