Why I'm Shorting Bitcoin

Hello again, folks. It's the guy who posted Why I'm Shorting Luna a while back. Here to give you a chance to grab some popcorn and watch people shit on me in the comments again.

Yes, I'm shorting another popular cryptocurrency. The granddaddy of them all. This position is riskier than my previous short on Luna. I did not enter this position on a lark. A number of factors have contributed to this decision- macro, manipulation, and TA.

Macro: The recent rally in the traditional stock market reeks of a blow-off top/short squeeze. The Fed has openly stated that there will be no pivot until at least 2024, with 2 more rate hikes coming before the end of 2023. Normally, that in itself should have sent markets down, but whales pressed the AI/onlyup button and voila, quite the unbelievable rally resulted. The economy shows no indication of recovering, people are living on the cusp of poverty with unlivable wages and no affordable homes. Now, the rally looks ripe for a pullback, even a dump, and crypto will inevitably be pulled down with it. BTC just took a while to catch up to the stock rally. This brings me to manipulation.

Manipulation: Rubberband effect. The recent SEC/Binance FUD served to decouple crypto from the stock market (not quite the decoupling that most of us were waiting for), pulling the price down artificially. Then came the Blackrock ETF filing and the accompanying rubberband SNAP up to the prices we have today. No pullback, just onlyup parabolic madness. Immediately following the Blackrock news, we've seen a deluge of "good news" with EDX, other BTC ETF filings, and yesterday's ETF futures news, which is already being misconstrued as "ETF futures confirmed = All spot ETF confirmed!"

All of this points to manipulation. If the US gov. is really trying to push its own CBDC, why in the flying fuck would the SEC approve BTC spot ETF, even if it's the almighty Blackrock? Even if it DOES get approved, one should question WHY it would get approved. Remember, the US gov is one of the largest holders of BTC, and it usually gets what it wants. This part is rampant with tinfoil hat theories that I'll let r/cc throw around and chew on.

TA: Simple really. We're at major resistance, there has been no real pullback since 25k (16k if looking at weekly). I'm exiting my positions from 16k to 20k.

Now fucking roast me.