Bitcoin has been fairly noisy over the last couple of days, and the Non-Farm Payroll announcement on Friday was yet another thing to get it moving.
Bitcoin has been fairly noisy over the last couple of days, and Friday was no different. What I find interesting about this market at the moment is that we are dancing around the 50-day EMA, and it does look like we are still seeing buyers come in occasionally. I think we are in the midst of turning things around. We are consolidating, we are sitting just above a large, round, psychologically significant figure in the form of $90,000, but we still have a clear barrier of $95,000 above.
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If we can break above there, then I think Bitcoin has a chance of recovering and reaching the $107,000 level, which is my base case at the moment. That does not mean we have to do it right now, and of course, there are a lot of moving pieces, but it looks like the Federal Reserve got more confirmation for the need to cut rates during the non-farm payroll announcement during the day here on Friday, and that is part of why Bitcoin may have recovered.
Market Resilience and Long-Term Outlook
If Bitcoin were to break down below the $84,000 level, then you might have a situation where there is a lot of trouble, but as things stand right now, it certainly looks like it is resilient and fighting.
It is going to be a long, slow grind higher, would be my guess, and quite frankly, that is the more sustainable path anyway. So, if you are a bit patient, this might be a decent market for you, but obviously, slow and steady will win the race here in the Bitcoin market.
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