BTC- Next up

OK. That was a shit show. plenty of explanations, soe are dumb and some make alot of sense. Not enough time or tools to be able to reference the data to support the explanation of what happened last night. But suffice to say it was an exchange.

A CEFI (centralized finance) crypto exchange, that begins Bi and ends with ance had a system failure that i'd normally smuggly say 'how convenient', but i suspect it ended up costing them billions. Long story short there system failed to transact a BIG number of long BTC liquidations when they were liquidated. When the system came back up, it sent ALOT of sell orders (because u need to force sell alot of coin to close out alot of leverage long positions) to the mainnet all at once. Which caused a massive spike in gas costs and jammed the F out of the system. By the time these (already delayed) sell orders processed, the market was already in panic mode. But thats what took the market from 56 to 50k in an instant. and the inability to trade because the mainnet was jammed is what caused the panic that got us to 56k in a real short amount of time. WHy were we dipping in the first place? Well, leveraged longs and a SHIT TONE of smart money selling btc and eth to jump on the DOGE and XRP train. The week before that they jumped on the BNB train.

So BTC and ETH had already spent a week being bought up by smart money. And THEN it had to contend with the money suck of DOGE and XRP. Timing to get us to where we were right before this 'malfunction' is almost too much of a coincidence.

REST ASSURED LADIES AND GENTLEMENT: THIS IS MORE THAN A PERFECT MARKET. NOW THAT MASS ADOPTION IS GETTING CLOSE...THERE'S ALOT OF BIIIIIG MONEY IN THE TRADITIONAL MARKET THAT DOES NOT WANT THIS TO SUCCEED.

Here's the other issue i have with BTC...Or not rather issue i have with BTC, but the plethora of additional options. Not DOGE. But like real DEFI projects. Layer 2, cross-chain, lending and borrowing protocals, options, and some expect RUNE to develop into the first truly DEFI cryptocurrency exchange (one day making publicly traded exchanges obsolete)

BUT I DIGRESS: Whats happening now- Well. we will probably have to retest 55.6K again since we sank right through that prior support which was set (unfortunately) like a month ago. So hopefully we retest 55.6-55.8k range and move on from there. picking up the pieces.

I am concerned that the rebound was NOT as quick as i'd have liked. Which supports my concern that genpop has sort of moved on to eth and other alts. leaving the institutions and whales to have their BTC. not a bad thing for BTC or crypto in fact.

This may become another 2013 mega cycle. and if that happens, this could be the LAST 'cycle' (ie- know more pump and dumps but stable market...at least for btc)