Sometimes it's all about what a market won't do, which is what I am paying attention to in the Bitcoin market. With this, I think there are buyers underneath.
Bitcoin (BTC)
The Bitcoin market has fallen a bit during the trading session on Friday as we are well below the $72,000 level. I think ultimately this is a market that continues to see a lot of choppiness in general as we have been at a rounding bottom. It is still up in the air here, but it is starting to show signs of life here in Bitcoin. With this, it makes sense to acknowledge that the Bitcoin market seems to refuse to fall apart.
It is worth noting that the volume looks very much like a rounding bottom as well. So, if we can turn around and break above the 50-day EMA, I think that is a very positive sign. Quite frankly the fact that Bitcoin is even stable in this type of environment is quite impressive.
Market Resilience and Strategic Entry
Maybe this is because Bitcoin had already collapsed before the drums of war started beating again but regardless to me it looks like Bitcoin is refusing to fall apart and that could very well open up the possibility of a recovery. After all, sometimes it's all about what a market won't do and right now it doesn't look like Bitcoin will give up $60,000.
That doesn't mean that it has to be extraordinarily bullish, but it is something worth watching. I think if we break that 50-day EMA Bitcoin might become interesting again. It certainly is off the radar of most traders and generally speaking that's where your best trading come is when nobody is talking about them. All of the quote-unquote smart money gets involved long before the headlines start chasing.