- Bitcoin tried to rally again on Thursday, but it continues to see a lot of overhang and negativity.
- Can it change the trend anytime soon? Ultimately, this is a market that has a long way to go.
The Bitcoin market tried to rally a bit during the early part of the trading session on Thursday but then gave back gains to show signs of weakness. All things being equal, we are in a bit of a consolidation area.
I think the 72,000 level above continues to be a major resistance barrier. If we can break above there, then we would challenge the 50-day EMA. To the downside, the 60,000 level offers the floor in the market, and if we were to break down below, then I think that it really starts to see Bitcoin unravel, perhaps completely falling apart given enough time. These are that dire at the moment.
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All things being equal, I think we are just simply bouncing around trying to sort out whether or not things change and whether or not we can stabilize. After the sell-off that we've seen over the last several months, I do not think that the market is one that's going to suddenly turn around on a whim.
This isn't the old retail Bitcoin market. This is an institutional backed market now, and institutions do not chase meltdowns like this. There will be value investors out there and maybe this thing will turn around, but ultimately if we were to break above the 72,000 level, that's just the first of many things that has to happen to make Bitcoin bullish.
Really at this point in time, I think sideways action and range-bound trading between 60,000 on the bottom and 72,000 at the top is about as bullish as it's going to get.
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