Bitcoin is up 44% on a monthly basis but has slid 12.5% since setting an all-time high of $67,000 on October 20. Is this just a healthy correction in a larger uptrend, or should investors consider de-risking on bounces?Meanwhile, it seems that certain US senators and the private sector have similar views on bitcoin\u2019s place in a world of runaway inflation.Let\u2019s dig in.Senator Rand Paul believes that cryptocurrency may turn out to be the reserve currency of the world in the future, according to an interview aired last week.Speaking to Axios, the US Senator, who is known for his deep skepticism of big government, voiced concerns about the reckless attitude governments have taken with their currencies, stating that crypto could be a viable alternative.Check out the full article here!When moon?Bitcoin slid to $57,900 earlier today, forming a fresh local low amidst an environment of skittish and over-leveraged traders. Let\u2019s consider the context.On the 2-hour chart, BTC\/USD traversed below the 200-EMA, marginally remaining within a descending wedge at the time of writing. The \u2018W\u2019 structure described in the telegram channel is technically invalidated. While oversold on both RSI indicators, prices have not recovered above the moving average yet, suggesting that bounces could be de-risking opportunities on this time frame.While a deviation is certainly possible if the RSI indicators recover from oversold territory and prices do not reclaim the EMA, then one can anticipate further selling pressure in the coming hours. Notably, funding has turned negative on LTFs and neutral on HTFs, indicating increasing risk of liquidity hunts against aggressive shorters.Despite the low-time frame neutral-to-bearish posture, the daily chart indicates that this retest is normal and healthy.Unless prices close below the 20-daily EMA ($58,900), the bearish case remains shrouded and unclear. Admittedly, rarely is something ever crystal clear in this racket.Still, one\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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