Oh, lovely. Bitcoin‘s throwing a tantrum, folks. In just a few weeks, the glorious $126,000 high has plummeted faster than your hopes on payday-down to a disappointing $81,000. Next stop? Might as well paint a target on $74,000. 🎯
A Tale of Woe (and Woe and Woe)
Almost everyone holding short-term Bitcoin is underwater-like a fish out of water, but sadder. CheckonChain whispers that the profit/loss ratio for short-term holders is at an all-time low. Great. Just what we needed-more losses in our lives.
And get this: The top three Bitcoin treasury companies? Bitmine and Forward Industries are sitting on 31% and 44% losses, respectively. Strategy’s 649,870 BTC average cost is $74,433-still in the green, but only just, like a forgetful grandma trying to keep up. Will they dive underwater soon? Stay tuned, same crypto time, same crypto channel.
Meanwhile, $1.93 billion got liquidated in the last 24 hours. Traders sighed, investors cried, and the market just yawned at us. Probably thinking, “Relax, it’s just a little dip… or is it?”
And if that wasn’t enough, the S&P 500 decided to join the party-dropping a cool 3.4%, because nothing says relaxation like losing your shirt across all asset classes. Thanks, Trump tariffs, for this lovely tradition.
Bitcoin now down 35%-Yay or Nay?
Bitcoin’s down a hefty 35% from its peak, which feels like watching your favorite sports team lose in the finals-in slow motion. The big question? How much further can this melodrama go? Looks like once $82,000 gives up the ghost, it’s a quick slide to $74K-that’s where the real fun begins, potentially marking the end of an 8-month bull flag fest from March to November 2024. 🎢
From there, sadly, the next stop might be $69,000. We’re just Jackie Chan-ing our way down the mountain, retracing previous bull market peaks-because nothing like a crash retest to keep the adrenaline pumping, am I right?
The Final Nail… or the Coffin?
The weekly chart paints a bright picture-a bull market in ruins, folks. Unless some miraculous hero emerges, a weekly close below that major trendline would be the market’s equivalent of pulling the plug. Lights out. 💡🚪
Most likely, we’re heading down to $74,000, then maybe a quick hop to $69K. That level’s like the San Francisco fog-constant and inevitable. But wait, look at the indicators! The Stochastic RSI is at rock bottom, practically begging for a rebound, while the RSI is reaching levels only seen at previous bottoms. Tell me this isn’t déjà vu.
In these bizarre financial times where banks are acting like they’ve forgotten how to operate, who knows what’s next? Could be a bounce, could be more doom-grab popcorn, folks. It’s going to be a wild ride. 🎢🍿
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2025-11-21 13:58