- Bitcoin was somewhat quiet during the trading session on Friday, which of course is not a huge surprise.
- After all, Friday was Good Friday in America, so a lot of the volume from the Wall Street ETF situation would not have been there.
With that being said, I think we still have a very bullish market, and I think this bullish market continues to be more of a buy on the dip type of market. After all, we have seen a pullback towards the $60,000 level only to watch BTC/USD rally again. Above, I think we have a significant resistance barrier in the form of $75,000, which if we can break above it, probably brings in more momentum.
Sideways? Maybe.
All things being equal, it does make a certain amount of sense that we would grind sideways in some type of consolidation phase momentarily as the market got way ahead of itself with the massive amount of inflows coming into the Bitcoin ETF. In general, this remains a bullish market, but sooner or later it will have a significant pullback. It does not show any signs of that yet, and therefore you have to play it from the long side regardless of what you see.
As long as we stay above the 50 day EMA, which currently sits at roughly $59,000 below, you have to think of this as a long only market or at the very least, you're on the sidelines and you're not trying to short it. That being said, keep in mind that institutions can short Bitcoin much easier now that it's being packaged in an ETF format. So, the market has fundamentally changed for the long term. I imagine we're probably going to have to spend most of this year sorting out what that actually means.
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