If $BTC drops below $73,000, panic selling could follow. Short term holders are mostly back in loss. A break opens the way for a small sell cascade. But Bitcoin is correlating with the Nasdaq again. If $QQQ recovers, Bitcoin recovers. To break the short term downtrend, it needs to reclaim $80,000 quickly. Above $84,000, new local highs are back on the table. I’m watching the 200 SMA around $73,100. A retest of this line is typical after a bottom has formed. On Tuesday we get the US CPI data. Economists surveyed by Bloomberg expect +0.3% month over month, core +0.2%. That would mean inflation is cooling. Good news for our portfolios. This is where the next move gets decided. Follow for more.
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