For the Bitcoin bulls, the only good news on the day was that sub-$6,000 levels were avoided, with Bitcoin also managing to avoid striking a new swing low, a comfort that many of the other major cryptos were unable to enjoy.

The broad based market sell-off has been particularly telling, with the total cryptomarket cap sliding from $300bn levels to sub-$220bn levels before support kicked in, Bitcoin’s market cap pulling back to a Wednesday low $107.08bn.

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