Bitcoin bulls bail out as the first run at $100K fails

I worry about the risk mood at the moment as the megacap tech stocks and bitcoin turn lower. Bitcoin bulls were frothing at the idea of $100K in thinner weekend liquidity but $99,400 was the peak and the sellers have been in charge since. They took another run in Asia but couldn’t break the weekend high and now there is some profit taking with BTC last at $95,115.

There has been a brief crack below $95,000 but watch out for stops on a sustained break of the big figure.

I don’t think it should be a big surprise that bitcoin didn’t break $100,000 on the first crack. If anything, I’m impressed it got as close as it did. The question is now is where the dip buyers should wade in. The first spot to watch is the mid-November high of $93,400.

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