Bitcoin is currently in a challenging position, teetering on the edge of two crucial support levels. However, the prevailing market conditions could easily trigger a steep decline if they deteriorate further. The current positioning suggests two potential outcomes: either a swift reversal is imminent, or we might be on the brink of a rapid deleveraging event, possibly driving Bitcoin down to unforeseen depths, akin to black swan levels. This scenario could unfold either now or in the coming months.
Nevertheless, it's important to note that a significant alarm should only be sounded if we breach the purple support level, which is already at the 17k mark. This would represent a substantial and abrupt drop from the most recent peak. Until that level is breached, it's crucial to remain vigilant but not overly panicked.
Nevertheless, it's important to note that a significant alarm should only be sounded if we breach the purple support level, which is already at the 17k mark. This would represent a substantial and abrupt drop from the most recent peak. Until that level is breached, it's crucial to remain vigilant but not overly panicked.
