IMHO what keeps BTC at a support of $50k right now is 'plunge protection team', now that real big money can be lost, and has been lost, our GOV has no choice but to declare bitcoin as "Too big to fail"
There is no logical reason for the current $50k support, yesterday BTC was in freefall in a week it dropped $63k to $47k, more than 25% loss.
Now its being held at $50k, but why???
The only explanation is that TBTF is here, which is logical because INSTITUTIONAL investors ( big money ), OPM money and Loans ( MUSK CEO bets ) drove BTC from $30k to $63k the past 5-6 months, and in just a week 25% was lost.
The argument, and not by the pumpers&criminals on this site, the argument on wall-street since fall-2020 is that BTC is now the place to park your cash, its the new 'money-market' of the 1980's, given that MM pay 0.01%, and BTC has enjoyed a 127x increase in recent years, all have gone aboard.
Why not stimmy checks ten's of trillions to corporations during COVID, why not? Especially if the GOV can buy ETF's, why can't the US-GOV buy bitcoin?? Why can't all US-GOV local, state, & national, why can't they park their tax-payers CASH in BTC??
See that's what's going, so now what happens? Sure the FED can just keep buying BITCOIN, forever
Right
The correct support should have been $30k, or $10k, or $6k, or $3k; MUSK will start seeing 'blood' if BTC hits $42k, since MUSK-INC is arm of the US-GOV, why shouldn't they bail their boy out, just like they Amazon, Google, & Facebook are Gov-Fronts.
Sure ya'll will say "But I'm getting rich", sure you are, but just like everything else, they'll let you get rich & Uncle Joe-Biden, will put a 90% tax on your gains, which will fund "WOKE"
In summary BTC has become just a giant 'mixer' for the FED, which is funny its illegal so say the FBI to 'mix' BTC, but its ok for the US-GOV to mix FIAT-FECES and turn it into DIGITAL-GOLD
