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Bitcoin slides below 89k
An earlier update here this morning once again noted the downside risks still unfolding on BTC. Well, it has now taken out that January 13 low, at 89,329. It looks like stops have been tripped below that level. The fall has extended close to 88k just now and the slide in BTC comes as other leading coins feel a good deal of heat too. The price action is fast and volatility is as high as it has been recently. The further it falls the more likely that volatility will increase further. Also, the further it falls, the more the synthetic fund hedgers will have to reduce their weighted holdings and that seems to be the case right now. BTC is currently trading 88,840
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