- Bitcoin markets have gone back and forth during the trading session on Wednesday as we continue to hang on and try to sort out which direction to go.
- Ultimately, this is a market that will continue to be noisy, and we are in the midst of an overall consolidation range as traders are trying to sort out where to go next.
- After all, this is a market that I think in some seen a lot of volatility and choppiness, but also something known as “Brownian motion.”
Technical Analysis
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The technical analysis for this market is quite obvious, as the $90,000 level below is a major support level, with the $110,000 level above offering significant resistance. The 50 Day EMA sits right around the $99,000 level and is dropping, so if we were to turn around and rally from here, I think that could be the first barrier deal with. If the market could break above the $100,000 level, then it would be a very bullish sign. At that point in time, the market looks like it wants to go to the $110,000 level above, which of course has been very important.
Ultimately, this is a market that I think continues to see a lot of choppy noise and I think a lot of people continue to see this is a market that’s looking for some type of fundamental reason to get moving, and it just doesn’t have it at the moment. After all, monetary policy in the United States is rather tight, and of course we have a situation where the Trumped administration hasn’t done anything yet to drive crypto higher, but it is known that they are very pro-crypto. All things being equal, this is a scenario where people continue to buy dips, as they are accumulating more Bitcoin along the way, waiting for the next rise higher. This reminds me a lot of the majority of 2024, and therefore I think you have to assume more of the same is coming.
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