What’s wrong with Bitcoin?

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If you don’t follow the daily fluctuations of the first cryptocurrency, it seems to be becoming less and less interesting to investors. But we are traders. And we follow closely the processes that take place within the day.


BTC

BTC

For the last couple of weeks bitcoin has been trying to rise almost every day. And almost every day (or every other day) it drops sharply and then tries to rise again. Staying in the 32-40k corridor.
Where do these sharp drops come from? You can see them particularly well on M5 and M15 timeframes. It’s all news that has a dramatically negative impact on the mood of the entire cryptocurrency community. And hence on the price, collapsing it downwards.
Recently, we suggested that there is a deliberate attack on the first cryptocurrency by major governments around the world. And even Elon Musk’s tweets fit fully into this theory. He can’t be shooting himself in the foot when Tesla has bitcoins on its balance sheet, can he? Elon Musk can only do that if the benefits from his tweets far outweigh the losses from the decline in the value of BTC. And the US government will find many ways to motivate him in this way, for example by awarding government contracts.
Why governments are fighting bitcoin we all understand very well. It is practically the only thing in today’s world that no one can control. But who will win?
From a technical point of view, the long-term owners of the first cryptocurrency are winning so far. The price, despite the daily negativity, has never fallen below the $29,000 level. That is, whatever news comes out, the market ignores it, starting to grow the next day.
Now let’s imagine what will happen if the flow of negative news stops. At some point it will stop or this negative news will not be noticed at all. From that moment the upward trend will continue again. All who wanted (weak hands) sold their BTCs for May and first week of June. The question is rhetorical, into whose hands these coins went.

03.30 China Consumer Price Index for May
16.00 Bank of Canada interest rate decision


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