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Bitcoin bulls should have been popping champagne tonight, but instead a dark cloud has rolled in. This looked like a banner day for crypto as bitcoin edged above the 2021 high of $69,000 but it has turned into a race to take profits.

Bitcoin is down more than 8% to $61,858.

Technically, there is now the risk of a close below yesterday’s low of $62,342, which would mark an outside day on the chart.

bitcoin daily chart

Bitcoin has a tendency to trade inline with technicals as we’ve seen it bounce from major moving averages and big round numbers time after time. The ETF buyers haven’t been tested yet so we could find out if their hands are of the paper or diamond variety.

Technically, the 38.2% retracement of the rally since January 22 comes in at $57,457 but first I’d watch $60,000.

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