Bitcoin (BTC) corporate underwrite is on. Too big to fail in an unregulated market, possible backstopped to maintain the colleterial that BTC holds within the crypto ecosystem. Will be only a matter of time when it breaks 15000.

Bitcoin is probably too big to fail, but will never be bailed out by Central Bank's ala the Federal Reserve, however, it could be back stopped by larger entities out there, Blackstone comes to mind, as the once hedge fund now a behemoth underwriter and clearing house for billons of dollars worth of assets.   Their CEO who pleaded ignorance to the Crypto markets has since warmed to it, in the tune of by bailing out Coinbase (crypto exchange ) with a partnership.  When the crypto exchange was close to bankruptcy in May 2022, which was a warning sign in an extraordinary unregulated, yet highly leveraged market, which its bizarre interlocked so called ecosystem of tethering to other Crypto assets and U.S. Dollars, when its cash on hand is most likely negligible to its billions of dollar's in  speculation.  Crypto Coins hold absolutely no value nor to they produce any value, sans fueled by rarity that is attained by a digital mining process, pleaser refer to my article here about the electricity output and its destructive carbon footprint.

The other more concerning issue is collateral and it appears that Bitcoin (BTC) is be used as a collateral for other smaller Crypto coins and exchanges that are popping up all over the place.   All glued together into this web of digital assets, which in the current higher cash interest rate environment, will most definitely send speculation lower.   Which in turn will collapse over leveraged, BTC dependent smaller company's into the abyss. Once should watch a BTC sell off which could be bring more doom to the Crytpo startups, in all its hope and greed.

All eyes on Binance, the largest Crypto exchange as it will and try and keep not just BTC afloat but other mid size 'coins' in lieu of its mysterious balance sheet and profits, where its users assets on its exchange, outnumber what it has in value on its books.

What a delicious mess.

Current two month trading range for BTC is 17344 and 15486 with the support at 15000.  Very narrow.