Factor 1: Elon Musk selling some of Tesla's investments in BTC & publicly denouncing it, removing the ability to pay for a Tesla with it & saying it is not environmentally safe.
This could lead to many other companies following TSLA & opting out of the use of BTC.
TECHNICALS: We are looking at BTC on a Daily Chart. RED LINE - DAILY GREEN LINE - 4HR BLACK - MNTH BLUE - WK
As shown BTC has broken out of a MAJOR Weekly Uptrend Line and is heading towards a 40K Support level. From there its possible for BTC to rebound to 47.5 - 53K Area to test if there is still any buying interest.
If not BTC will have a HUGE sell-off to around 27K....
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Price spiked down, broke thru & closed below 40K Support... There is a lot of selling pressure pushing BTC down & no major retest has been made yet.
I believe once BTC falls to around $%28K we will see some buying volume push it back up.
But price is slowly ranging down so we got to let the market play out.