Exactly my hypothesis too. However, there is also a possibility that when the price bounces down from previous support now acting as resistance...ie follows a perfectly uncontroversial vanilla flavored descent....that lottery ticket moonboys galvanised on becoming millionaires by using only their lunch money (hence all the moonboy shils out there...they have virtually no capital invested in BTC) may enter denial and thereafter we may have capitulation. Entirely possible.
rafalgasior
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@quantumfly, indeed, it certainly is an interesting period, patiently waiting within the sound of silence