I can’t remember many things that have ever fallen for 12 straight days but here we are. Bitcoin is down another $2420 today, breaking the $20,000 level and continuing lower to $18,171, which is scarcely above the session lows.
This is the lowest since mid-December 2020 and there isn’t much in the way of support on the weekly chart.
While bitcoin’s 12% decline today is bad, the 14.5% drop in ethereum is even worse. It’s broken $1000 for the first time since January 2021 and has continued to $932.
Last week we highlighted the importance of $1700 as support and — wow — did it ever implode after the break. It’s down 45% in less that two weeks.
The catalyst for the latest leg down was the implosion of luna, followed by the problems at Celsius and then the evident downfall of the crypto hedge fund 3AC.
Nothing goes straight down forever and bear-market