This is it...another test of the Parabolic Adoption Curve. This trend line has held support through all of the bottoms in Bitcoin. It has withstood selling pressure of an entire decade. Is this about to come to an end? Can a broad recession break this trend?
If it fails to hold...then Bitcoin will take a plunge deep down into crypto hell.
I am watching this closely because this selloff is either:
A. Investors have to sell to cover losses in traditional markets...traditional market turmoil could spillover into crypto markets to the point where Bitcoin tanks hard under the parabolic adoption curve. Also, minnow HODLrs and traders without much may need to sell if they lose their jobs and need to cover expenses. Not everyone will have the ability to HODL through a recession. Any Bitcoin holder that loses their job is at risk of succumbing to pressure to sell.
B. Whales are using the news to drive the price down on purpose with the plan being to drive it back up.