Strong downward pressure on the weekly chart shows the bulls are in danger of losing the upper hand. If $60K is not broken soon, a drop to $40K is likely. Keep your hats on newcomers to Bitcoin, it’s going to be a bumpy ride over the next few months.
Selling likely started after Biden’s infrastructure bill passed. The Bill has a provision that requires all transactions received over $10K in crypto to be reported to the IRS with the personal info of the sender. A lot of people who have a lot of Crypto investment might be taking an early cash out before the rule goes into effect. Will this have wider implications for the market as a whole? 100% it will.