Were hearing bullish news for bitcoin left right and centre, all youtube moon boys calling 100K BITCOIN
But imo why would institutional investors pay high prices for bitcoin when they know they can easily manipulate the market.
Thinking overall we have had a 266% price increase since the corona dump in March with no real correction, And i'm pretty certain large investors would have heard the paypal news weeks or months ahead of us and they will be looking to take profits to buy back in at lower prices.
We also failed to close above this key resistance on the monthly TF, also we have made a 100% retracement from previous highs.
And can we really use 2017 price action in our TA ? We all know it was FOMO that caused that rally every Tom Dick and Harry wanted their piece of the pie back in 2017, But right now I still don't see mum and dad investors piling in.
Don't forget the 2018 investors, they're just starting to see a profit, the 17k price feels more real than the drops.
OxEconomist
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I agree price should go downward, but as they say markets can stay more irrational than we stay solvent. I sometimes wonder how much the continuous printing of "free" Tether is pushing the price up, after all if I can "print" 1 billion every month and people accept them for me to buy them their bitcoin then price will never drop.
steevyp2820
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@kenshintani, So true, The money printing of the USD did not cross my mind that there would be more tether added to the market cap nice one.