- Bitcoin continues to see a lot of noisy behavior as market participants continue to wonder whether or not the risk appetite will come back.
- That being said, I think you also have to keep in mind that Bitcoin is trying to react to a lot of different things at once, not the least of which would be the Federal Reserve interest rate decisions or their forward guidance, which is a bit of a mess.
So really, at this point in time, I think you have to look at this as a market that's in the process of trying to build up a little bit of a range and therefore a little bit of a base. Whether or not it can here remain to be seen, but it's worth noting that we are near the 200-day EMA, which is a major indicator that a lot of people pay attention to. Even if the market were to fall from here, I think that the $75,000 level continues to be important, as it was a bit of a barrier last year.
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Anything below there, then we could flush all the way down to the $60,000 level. I don't necessarily expect that at the moment, but the way I've been approaching this is just simply buying on the dip. Little bits and pieces, tiny pieces, building a larger position because in this type of environment, you can find yourself in trouble pretty quickly if you're not careful.
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If Bitcoin takes out the $90,000 level to the upside, that would obviously be very bullish. But right now, we just don't have any fundamental reason whatsoever to believe that Bitcoin is going to suddenly take off. So I think you've got a while before you see a bigger impulsive move to the upside, like so many of you, I'm sure, are waiting on.
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