Bitcoin continues to be very noisy in general, as the markets are looking at institutional inflows, but also a lot of uncertainty outside of the market.
Bitcoin
Bitcoin continues to be very noisy during the trading session on Wednesday as we have seen a push higher, but we have also seen a little bit of hesitation at an area that I think is somewhat important. The $76,000 for me is a major barrier and if we can break above there then I believe Bitcoin goes much higher over the long run but we'll just have to see how that plays out.
I also recognize that Bitcoin is a market that desperately needs some type of catalyst. For me, I believe the catalyst at the moment is just simply going to be interest rates in the United States and reaction to headlines in the Middle East, that type of thing.
Technical Resistance and Support Levels
If we can clear the highs of the session on Tuesday, I think that's the sign that Bitcoin's ready to go higher and could go looking to the 200-day EMA, maybe even the $84,000 level just above, which previously had been significant support. Short-term pullbacks for me are buying opportunities as far as I can see and I just don't see how that changes anytime soon.
I would though caution if we were to drop down below the $64,000 level then you could make an argument that perhaps something has changed but in this environment it just looks to me like a market that is doing everything it can to find a base, build some volume and take off to the upside. Honestly, honestly that Bitcoin might be a bit of surprise later this year; we are certainly in the process of trying to make something happen.