Is Bitcoin propped up by the Fed?
Updated
Before you laugh at the absurdity of the question. Look at this chart with an S&P overlay. What do you notice? That they look bloody identical?
Some serious questions for BTC maximalists. What good is BTC if BTC can't do ANYTHING different then the S&P and follows the FED in LOCK STEP.
Stocks go down, BTC goes down. Stock go up, BTC goes up. Maybe it's reverse? Doubt it.
A lot of people right now are screaming how bullish things are. I would ask, are they really? BTC should be SCREAMING up on all the money printing. It should really be moving but it's not. BTC is rising and most of the other majors are lagging just like the market as a whole right now.The major players and brokerage firms have it pegged to the dollar. If you think BTC is some "independent" asset class right now, it's just not, look at the data and how it correlates to the markets. If the Fed decides to end the party, it's not going to end well for BTC.
-Sherem
Some serious questions for BTC maximalists. What good is BTC if BTC can't do ANYTHING different then the S&P and follows the FED in LOCK STEP.
Stocks go down, BTC goes down. Stock go up, BTC goes up. Maybe it's reverse? Doubt it.
A lot of people right now are screaming how bullish things are. I would ask, are they really? BTC should be SCREAMING up on all the money printing. It should really be moving but it's not. BTC is rising and most of the other majors are lagging just like the market as a whole right now.The major players and brokerage firms have it pegged to the dollar. If you think BTC is some "independent" asset class right now, it's just not, look at the data and how it correlates to the markets. If the Fed decides to end the party, it's not going to end well for BTC.
-Sherem
Note
Watch this 9k handle, if w break this with conviction it's just the beginning of the down move.Note
I wouldn't be surprised if BTC cracks and we go down over the weekend. Lots of options expiring today.Note
What do you know, down we go. Next support at 8200. A lot further down after that.
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