- The bitcoin market had initially fell a bit during the trading session on Monday but has turned around to show signs of life again.
- It’s worth noting that the $80,000 level wasn’t tested, and it looks like there are plenty of buyers near the $81,000 level.
- That being said, the market is likely to continue to be very noisy, as risk appetite is all over the place, and therefore Bitcoin will continue to be a difficult place to live as far as trading is concerned.
Bitcoin has suffered at the hands of Wall Street in both directions, because once they announced the ETF on Wall Street, Bitcoin shot straight up in the air. That was great for those who held Bitcoin already, but since then we have seen Bitcoin give up quite a bit in the way of gaining a lot of bag holders out there. It is because of this that I think Bitcoin will continue to be very noisy, as when and if we recover, there are plenty of people that will be more than willing to get out at “break even” at higher level such as $93,000.
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Technical Analysis
The technical analysis for Bitcoin is a bit of a mixed bag, depending on what time frame you are watching. Longer-term, obviously it’s a very bullish market, but from short-term traders, perhaps in the last couple of months, you’ve seen Bitcoin perform very poorly. With that being said, I think that it really comes down to what you are trying to achieve. I look at this time frame as a great opportunity to accumulate more Bitcoin, for the next bullish run. That being said, it could be very painful to carry out that strategy if you are putting too much money into the market.
The $75,000 level underneath is crucial for traders to hang onto, and if we were to break down below that level, it would be very disastrous for Bitcoin. That being said, you should also pay attention to the 200 Day EMA, which is closer to the $86,000 level as a potential short-term problem.
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