Bitcoin breaks below a key level

It’s an ugly day for risk assets and bitcoin is no exception.

What I think is happening is that many in markets are anticipating profit taking in high-flying assets early in the new year as that pushes capital gains taxes out until 2026. There is a front-run of that selling in markets now, including in hot tech stocks and bitcoin. It has the S&P 500 down 1.5% and bitcoin lower by 3%.

Bitcoin has now broken below the key $92,000 level. It’s supported bitcoin several times in December but it’s now given way. There is some nearby support at the late-November low of $90,631 and at the $90K level but it could get very ugly on a break of that .

This article was written by Adam Button at www.forexlive.com.