- Around $52,000, the bitcoin market has been a little lethargic yet there is still a lot of buzz.
- Assuming everything else remains unchanged, we are beginning to recover from the initial frenzy that followed the announcement of the bitcoin ETF.
- Having said that, the market is probably going to draw some purchasers during downturns.
Observing the Bitcoin market, which has somewhat retreated from the $52,000 barrier, is something that has attracted my attention and is something I believe many people will continue to closely monitor. Given that this is an area where sellers have previously operated, some degree of market memory is once again relevant. This will be a continued theme in this market, as the BTC price has gotten somewhat out of control recently.
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With everything else being equal, this market is likely to remain extremely noisy, which makes some sense given the current circumstances. The market has soared, and people are attempting to determine whether or not we can keep rising. Even though I firmly believe it to be highly likely, the truth is that we might need to move sideways in order to alleviate some of the excess volatility, or we might simply need to retreat back to the $47,500 level.
BTC ETF Noise
Though the news of the ETF has given Bitcoin a slight boost overall, I do think that the market as a whole will shift as a result. Since it's now a Wall Street asset, they will likely drive it up, dump it, then drive it down again before purchasing it and driving it back up, all the while knowing that the retail trader is nearly usually the last to arrive at the party. Recall that Wall Street's sole responsibility is to sell you stock. And it would be an ETF in this instance. Nevertheless, we also need to remember that Bitcoin is currently being used for nothing. Apart from conjecture, I'm not sure where we're headed.
But in the interim, a move to the $55,000 level, and ultimately a move to the $60,000 level, is possible if we can break above the highs of the past few days. We will need to look for dynamic support in moving averages if we are to go below the $47,500 mark.
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