Right now, it’s hanging around $71,000—a solid 4% drop from last week. The rest of the crypto market hasn’t done much better. You’d think all the talk of Bitcoin’s bullish future might help, but it hasn’t done much to stop the slide.
Right now, BTC is stuck below its key 20-day EMA at $70,515. That’s not a good sign—it hints at bears tightening their grip again, at least for now. Toss in all the wild moves in global markets, and you get the Fear & Greed Index plunging to 11. Basically, people are spooked.
Now, things look pretty rough in the short run. But there’s a massive event right around the corner: the SEC has to decide on 91 crypto ETF applications by March 27. Everyone’s on edge. If the SEC gives the green light, expect a fast turnaround. If not, things could spiral down even further.
i think ...