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Bitcoin's biggest buyers are backing away — short the bounce

Bitcoin has crashed below $60,000, hitting an eight-month low. The biggest buyers in the market are pulling back, and retail interest is drying up just as the broader stock market pulls back.

Idea

When the largest buyers in any market step away, prices usually fall until a new floor is found. Bitcoin is now in its eighth straight month of a bear market, and breaking below the key psychological level of $60,000 often triggers panic selling among recent buyers. With tech stocks also dropping and big institutions slowing their purchases, the path of least resistance right now appears to be downward.

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BTC4h#crypto#trend_following#macro

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