Bitcoin About to Break Down to New Lows?

Bitcoin continues to hold support, but not in an inspiring way.

Now more than ever traders need to know the key levels.

Bitcoin lately has been quiet — perhaps too quiet.

It may have proved a good bet against inflation, as it rose considerably from the aftermath of covid-19 to its highs in late 2021..

But one could also map a similar correlation with U.S. equities, particularly tech stocks.

The real test came in 2022.

As inflation scorched higher, riskier assets like tech stocks and high-growth companies came crashing lower.

Many high-quality stocks fell 40% to 50% or more. The high-growth names fell 70% or more.

Unfortunately for bitcoin bulls, rising inflation didn’t boost its prices. In fact, bitcoin sank like other risk-on assets, and now we’ve seen a peak-to-trough decline of 56%.

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