Bitcoin falls further

Following on from an earlier update on Bitcoin, the price has taken another hit lower. Perhaps that is understandable given what it unfolding in the wider market so far today. As stated before BTC is an ultimate risk asset and arguably the riskiest of all, so it is no surprise to see it face further selling this morning. The price is now approaching 55k to the downside and it is at clear risk of unwinding further to the downside. It could be that holders of BTC are now being forced to liquidate profitable positions in order to cover mounting losses elsewhere. That cannot be confirmed here, but it could make sense and would also help to account for the further downside playing out right now. Bitcoin has traded below 55,500 already and it is currently trading at 55,850