BTC Resistance?! Uh-Oh, Rallys Over?

Oh, joy! Bitcoin, that beautiful middle finger to TradFi, might just faceplant after hitting some 'major resistance,' according to CryptoQuant. Seems like the suits are cashing out. Figures. I mean when are they not? Profit-taking is apparently reaching levels not seen since March 2022. Deja vu, anyone?

Apparently, Wall Street's grubby hands are all over BTC now. So now it's mimicking the tantrums of the geriatric US economy. Producer prices are up, inflation's a bigger joke than Tether's transparency. This is the so-called 'safe haven' we were promised? I'd trust a DeFi protocol written on a napkin before putting my faith in that.

14,600 BTC, or $1.2 billion-ish, has been liquidated. Smart money would take that opportunity to buy the dip? Nope. They are too busy counting their fiat! If Bitcoin tanks, $70,000 is the magic number, says CryptoQuant. The average buy price for all the weak hands.

But hey, at least Arthur Hayes thinks we're going to 126k. Maybe it's just copium and hopium.