Bitcoin fell on Wednesday, as traders are continuing to build a bit of a base.
BTC/USD
Bitcoin has fallen a bit during the trading session on Wednesday as we continue to see a lot of questions asked about Bitcoin itself. After all Bitcoin is pretty far out there on the risk spectrum but I will be the first to point out that it has been surprisingly bullish over the last couple of weeks as the world is essentially on fire and of course the US dollar has strengthened.
This goes counter intuitive to what you're typically taught when dealing with Bitcoin and that tells me that we are seeing a potential turnaround from a longer-term standpoint. After all a trend change doesn't exactly happen overnight.
FOMC and Key Resistance Levels
It's worth noting that the FOMC is going to continue to be a big driver of where we go next and that meeting and if it is hawkish after all could be further pressure as it could drive the US dollar higher.
With this being said I do think that it's worth paying attention to whether or not we can turn around and rally above the $72,000 level. If the market can break above the $74,000 level, then I think you've got a real shot at this market turning around and trying to continue the upward pressure.
After the recent action that I have seen in Bitcoin I am interested in buying dips, but I also recognize that there's a lot of noise out there. It's currently being treated as a geopolitical hedge. I find that very fascinating considering that it was so fragile previously. Maybe it's just simply because it had sold off so much before the war that it now is attracting people for a completely different reason.
We'll just have to wait and see. I don't have any interest in shorting. I do think that a recapture of $72,000 will attract a lot of