The Bitcoin market has been somewhat quiet, but at this point in time, the market looks as if there are plenty of people out there willing to jump in and buy it on dips. This market remains bullish, but perhaps a bit tired in the meantime.
The Bitcoin market has been somewhat sideways over the last couple of days, which makes sense as we are digesting a lot of upward momentum from the previous week. The $67,000 level is an area that’s been like a magnet for price, and it has been important as both support and resistance previously. So, it does make a certain amount of sense that the market is paying close attention to it and perhaps trying to sort out whether or not we can continue to accelerate to the upside. I think at this point, you probably have a situation where traders are going to have to perhaps get an idea of taking advantage of value each time we get some kind of a drop that shows signs of a bounce.
So, I do think that somewhere around 65,000 is a certain amount of support, and then again, down at the 63,000 level. On the other hand, if we turn around and break above the $68,000 level with any type of momentum, I think at that point, the $73,000 level would be targeted.
Bitcoin, of course, is a very volatile market. But really at the end of the day, I do think that given enough time, Bitcoin should continue to attract inflows as it is now a Wall Street asset, almost like an index. So, it’s going to continue to get institutional support going forward as the market is going to become a bit of an index from what I can tell, and therefore act like one.
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Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.