Bitcoin has spent its time in the wilderness recently, but it is hard to ignore that it could very well be back at this point. I am a bull now.
BTC/USD
Bitcoin continues to rally and at this point in time we’ve made a fresh new high. This is a market that is on the verge of making a bigger move. I find this very interesting because really during the entire war Bitcoin has been stubborn and I have brought that to your attention occasionally. I mean, it just didn’t fall apart.
So with that being the case, markets are probably looking for pullbacks as potential buying opportunities, especially as institutions continue to flood into ETFs that are backed by Bitcoin.
Technical Indicators and Targets
Ultimately, I do think that we go looking to the 200-day EMA, maybe we even go higher than that. $84,000 would be a nice target and then beyond there, you have $95,000. Bitcoin has spent its time in the wilderness, and it looks like traders are really starting to care about it again.
This is a market that I think remains supported by the 50-day EMA, which is just above the crucial $72,000 level, an area that previously had been resistance. So, I think that all lines up quite nicely. Watch interest rates in the United States; if they really start to fall apart and drop, that’s going to be very good for Bitcoin. That could open up a much bigger move.
Short-term pullbacks I think continue to be the way to enter. I also recognize that given enough time, we will probably see this market really start to attract a lot of attention. We don’t really have a lot of retail attention at the moment, and it is worth noting that as everything else was struggling Bitcoin had already sold off, so it does make a certain amount of sense that it might be one of the first things to really get moving.
We’ll just see. If that war ends, that’s probably enough to drive rates down rather drastically in the bond market and that could be a boon for Bitcoin.
Potential signal: I am buying here. Stop loss at $71,000 and aiming for $84,000.