December 7, 2022

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Bitcoin ratchets back up to $42,000

1 min read

Nears the breakdown low

Nears the breakdown low

Bitcoin is up nearly 10% today in a continuing fast rebound from yesterday’s spike low down to $30,000.

It’s now approaching an important resistance level. It repeatedly tested $42,700-$43,000 earlier this week before breaking through and then breaking down. That support level is now resistance.

If it could get back above, it would be a miraculous comeback but I suspect it will struggle here.

You have to feel for the 775K accounts that were liquidated for more than $8.6 billion yesterday.

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