BTC/USD is trading above 30,200.00 as of this writing and readers are urged to check this against the market price as they glance at this article. The price of Bitcoin as you read this alleged insight will tell you just how right or wrong I am about BTC/USD supposedly. But then again just like Bitcoin, it all may be just a shot in the dark, a gamble based on pursuing behavioral sentiment or in this case writing about market mood.
BTC/USD speculative buyers have joined the party and watched as the famed digital asset jumped in value and over the 30,000.00 ratios and has seemingly sustained this level in the short term. In mid-April BTC/USD also went above the 30,000.00 mark and then found its value traversing to lower depths in a brutally choppy manner until it went slightly below 25,000.00 on the 15th of June. And, oh wait, that was only one week ago folks. The dramatic fall from April highs to the lows seen last week and now recovery of the price should indicate just how speculative BTC/USD remains.
BlackRock Rumors of Potential ETF Igniting Momentary Hysteria
On the surface, the move higher seen since Tuesday of this week, when BTC/USD was trading below the 27,000.00 ratio and its climb the past two days has occurred because news of a potential BlackRock ETF has been published in the media. However, traders should note the proposed trading fund supposedly brought forth for consideration of Bitcoin by BlackRock has not been approved, and it might not be for a long time. Let’s remember the SEC and CFTC only in the past month have launched civil lawsuits against Binance and Coinbase.
- Traders should watch to see if BTC/USD can sustain its price of over 30,000.00 in the near term.
- Party-like buying atmospheres in Bitcoin have been experienced plenty of times before. Only to leave speculators alone without any other buyers, when the festivities have come to a sudden end and victims are left to clean up the mess as the digital asset stumbles lower.
Pursuing BTC/USD Higher Remains a Gamble for Those Who Can Afford to Lose
Trading BTC/USD remains highly speculative. While its moves higher cannot be denied, its ability to reverse lower and cause financial pain is also well known. We have seen this show before ladies and gentlemen, and sometimes the results are not pretty and the audience can get hurt. Buying Bitcoin based on the wave of positive behavioral sentiment now being generated doesn’t guarantee that the results will continue to find momentum upwards. If you are going to trade BTC/USD you need to understand you can lose. Solid risk management while wagering on BTC/USD is the golden rule.
Bitcoin Short-Term Outlook:
Current Resistance: 30,600.00
Current Support: 29,950.00
High Target: 31,075.00
Low Target: 28,010.00
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