The primary reason is usually price action. It was a classic "failure to launch" scenario. Failure to launch = safe to dump.
On the hourly time frame and below, we formed a strong reversal candle and higher high. Aggressive/FOMO traders thought this would create a trend change, but nobody was willing to keep buying above the $10,200 resistance. At the 4-hour time frame, there was no breakout at all.
It's important to note where price doesn't want to go. Clearly price did not want to go up. Once that fact became very obvious, sellers began front running the next leg of the crash.
On the hourly time frame and below, we formed a strong reversal candle and higher high. Aggressive/FOMO traders thought this would create a trend change, but nobody was willing to keep buying above the $10,200 resistance. At the 4-hour time frame, there was no breakout at all.
It's important to note where price doesn't want to go. Clearly price did not want to go up. Once that fact became very obvious, sellers began front running the next leg of the crash.
I think buyers are seeing how easy it is to move the trend back up so quickly, and they're also seeing that there's plenty of opportunity to get in at even lower entry points than now. Swimming against the current's not attractive enough just yet. Miners are also still profitable at this price so they're happy to just keep their selling pressure for as long as the dime's clean.
Plus there's no new money coming in the market. It's all whalecumulator money, and some plebs like us who love Bitcoin.
