Unfortunately, I was right I just posted a video that said uhoh Bitcoin warning and it turns out that the Apple we took a bite from is getting a bit of a hit Bitcoin under 39,000 as ETF debut continues to be a sell, the news event what they mean is all this excitement and fomo going into the expected ETF Bitcoin the spot Bitcoin approval and then the anticipation doesn't meet the actual Financial power behind it and then it kind of drops right after. Bitcoin was down nearly 5% in the past 24 hours, reaching its lowest level in 2 months. The coind Des 20 a liquid index of the highest tokens by market capitalization fell by 7% So right now Bitcoin is trading at 39,000 I would argue that there support between 36 and 38. I'll show you that in a second with a market cap of 766 billion.

So here's Bitcoin It was ripping ripping ripping ripping from October basically all the way up to January It was a beautiful 89. We push Rip Rip Rip Consolidation pop on the excitement of the approval. then it came down, looked to have a bit of consolidation and unfortunately this consolidation broke the wrong way. Now for the past week or so I said uhoh, we're below the cloud, we're closing below the 48 EMA and then things got really suspect on Thursday the 18th and then more so on Monday the 22nd when we had additional closes below this trend line leading to the selloff.

Even though I'm a Bitcoin supporter in the long term, I'm invested in Bitcoin in the short term. This breakdown was the higher odds play and I would argue that there is support between 38 and 36,000 I'm looking for the bounce in this region, but from a just short-term price action charting standpoint: I mean lower highs, lower lows. Seriously bearish closes as in below the cloud below the 48 a below the trend line. So the next thing I'll be looking for a support between 36 and 38.

So you might be wondering at this point. Okay, like why what's happening Ft: PX Sold about 1 billion of grayscales Bitcoin ETF Explaining much of outflow supply and demand when there's a certain amount of demand to be a bull to purchase, but then the supply overwhelms it. I.E A lot of aggressive selling. You see a downturn in price.

So right now it's basically the current team of FTX who has to handle the whole craziness with the bankruptcy. This is the downward pressure is because they're selling a ton Bitcoin's price. Btc's price has fallen since Bitcoin ETFs were approved in theory. Now that FTX has done selling, its substantial.

Holdings The selling pressure could ease since a bankruptcy estate liquidating Holdings is a relatively unique event. So obviously there's been real life implications from them selling, selling, selling, selling, selling. but it's not going to last forever. So yeah, obviously it is negative bearish price action right now.

Uh, more aggressive selling than there is buying, but there's going to be an end to it. and I'm basically looking to see how the price reacts between. Once again, let's just call it 37 will cut in the middle and I'm going to look to see if we actually end up bouncing off of that. So I just want to let you know in the short term why things have been so bearish on Bitcoin.

But I do have another crazy update. Remember how the day before we expected the announcement to come through January 10th after the market closed on January 9th, the official SEC Twitter account said hey, we're approving it all and then all of a sudden Gary Getzler from his own personal account said uhuh, no, we're not, We are accounts been compromised We have a bit more of uh information on what actually went down. New details emerge about Sec's X account hack, including a Sim swap. The US SEC said a Sim swap attack was to blame for the breach of His official account on Twitter AKA X On January 9th the day before, an unauthorized party gained access to the SEC Gov account and displayed a fake post claiming that the agency had approved the first ever spot Bitcoin Exchange traded fund ETF since the SEC did not have two-factor authentication enabled.

which is hilarious because they were actually previously tweeting about how you should use two-factor authentication, but then they didn't use it to secure their own account. And then also, don't forget that the reason they were dragging their feet for so long on approving the spot BF is because they were worried about Market manipulation. And then you could arguably say in 2024, the biggest crypto Market manipulator is literally the US SEC Anyway, the Sim Swap and subsequent password change were the only two steps necessary to gain full access to the agency's account. And they did it.

And then there was a lot of awkwardness and then they ended up approving it the very next day. So I wanted to give you an up that this allegedly wasn't just like someone Mis scheduling it. That's what I thought personally happened. Apparently there was some sort of compromise Sim and I found it a little bit interesting.

so I wanted to share it with all of you.