On June 21, 2021, Bitcoin (BTC) lost around $1,000 within minutes as fresh news from China kept on harassing the bulls once more. BTC imploded almost immediately after China’s third-biggest bank put the wolf among the chicken in early trading. Data showed BTC/USD dropping to local lows below $32,500.
The market is short term bearish and yesterday’s break leaves trade poised for follow through selloffs. A close under 30937 warns for a wash towards the 27967 January 2021 low. Only a close over 39140 stops the downturn and signals for a retracement to 40934 resistance.