Bitcoin initially plunged on Tuesday, but at this point, it is worth noting that the markets recovered, which is impressive, given the external chaos.
BTCUSD
Bitcoin initially plunged during the trading session on Tuesday but has seen a bit of a turnaround as market participants continue to go back and forth in this market. I think it's worth noting that we are in the midst of trying to stabilize and what I find particularly interesting here is the fact that despite the fact that the entire world seems to be on fire at the same time, Bitcoin itself is somewhat stable.
A war and a massive drop preceding this still hasn't brought Bitcoin down, so there's a very real world in which maybe we're trying to form a bottom. I’d be very cautious getting overly aggressive here, but what I would look at is that if we could break above the crucial $72,000 level, that would be a major victory for Bitcoin bulls.
Market Stabilization and Key Price Floors
The short-term is probably more sideways and back and forth and I think a pullback makes a certain amount of sense, but they continue to get bought. The $60,000 level underneath is the floor in the market, and I think as long as we can stay above there, it's possible that we will see plenty of value hunting in general.
With this, I am interested in trying to perhaps buy dips in small amounts. I don't think you're looking at a market that you want to get overly aggressive in, but it is starting to look like a potential turnaround is in the works. Whether or not that ends up being the end result we don't know yet, but it looks like we're at least making the attempt. It is interesting that the Bitcoin market remains calm while everything else seems to be all over the place.