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Bitcoin broke through Asian lows and $20,000 at the worst levels since Monday.

The crypto held up well early on even when US equities sank, but is now dragging the broader markets down as the mood sours. At times, bitcoin has been a leading indicator of intraday sentiment.

Technically, it looks like a head and shoulders pattern with a target near $18,500.

The market is watching closely for continued signs of tension in the alternative space, among brokers, and in the dangerous crypto lending space. Solana is under pressure today after a five-day rebound and the Solend fiasco.

Ethereum is down $62 today at $1059. It fell as low as $879 over the weekend but rebounded. Yet before that it had fallen in a straight line from $1800, so the rebound is not impressive and indicates hidden sellers.

Space is experiencing a crisis of confidence and there are even signs of civil war. Yesterday, Bitcoin evangelist Michael Saylor ripped into alternative currencies and crypto lending.

“‘What you have is a $400 billion cloud of opaque, unrecorded securities transactions without full and fair disclosure, and they’re all cross-collateralized with Bitcoin,” he told Fortune.

He argued that bitcoin is being dragged down by the 19,000 crypto mess and some bad actors in the space, including conflicts in leveraged trading.

“Crypto exchanges, offshore and onshore, are unregistered, unregulated and offer 20x leverage, they don’t have mature Chinese walls,” Saylor said.


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