This is what the big money does

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Bitcoin (BTC) fell below $100,000 and is now trading above $91,000, down about 25% from its high.
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Strategy (MSTR) purchased over 8,000 Bitcoin tokens during the recent price drop.
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Bitcoin could test support levels between $70,000 and $75,000 if the tech sell-off continues.
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Bitcoin (CRYPTO:BTC) has seen a painful pullback over the past week, falling below the $100,000 level that many traders are closely watching. As Bitcoin trading winds down after a rather uneventful year alongside tech trading, it looks like crypto investors might have enough reason to throw in the towel before things get nastier as the holiday season approaches.
Of course, the problem with Bitcoin and crypto is that there are no fundamentals to fall back on, and without key valuation indicators, it can be difficult to draw a line in the sand, especially when negative momentum really starts to pick up steam.
Personally, I think paying closer attention to the technical picture is a good idea, as is seeing what the smart money (think big-name investors) is doing amid the crypto market’s renewed volatility. Of course, just because a billionaire investor is buying on the dips doesn’t mean Bitcoin is a good deal on weakness, and continued selling cannot happen in the short to medium term.
Even smart money can make a mistake from time to time. And when it comes to crypto, I think the big question investors should be asking themselves is how much pain they can take on a downturn, because like it or not, there’s a sell-off in crypto that’s really testing the stomach and patience of retail investors. If you’re in an active position for a trade, it might be wise to ease off at some point, especially now that a key support level has been broken, with Bitcoin hovering just north of $91,000 as of this writing.
With Bitcoin becoming something of a falling knife, now down about 25% from its peak, putting the asset slightly in the red year-to-date, it may be time to start thinking about placing limit orders at the next key support level. Whether Bitcoin is a decent value remains a big question.
Personally, I think the drop below $100,000 is a bit concerning, and I think the $70,000-$75,000 level could be tested in the medium term, especially if we are at the start of a tech-driven market sell-off. Given that Bitcoin tends to sink alongside tech trading, I certainly wouldn’t try to be a hero, even if some big money managers look to take advantage of the decline by adding to their positions.




