Bitcoin rallied quite nicely during the early part of the trading session on Thursday as the area right around $79,000 continues to offer support.
The market has rallied a bit and now I think watching the interest rate market will help.
If the interest rates in America continue to drop, I think that will help the Bitcoin market to reach look toward march and look towards the 200-day EMA above near the $82,000 level. If we can break above there, then the market could go looking to the $84,000 level. Short-term pullbacks I think continue to be buying opportunities because quite frankly, during the war Bitcoin went sideways while everything else was essentially going down in flames.
Market resilience and price targets
Because of this, the Bitcoin market has already proven itself to perhaps shaken out all of the weak hands. Remember it had sold off viciously at the beginning of the year and just didn't have any more selling pressure. So sometimes it's not so much about the technical analysis of what the market may do, but it is more about what it won't do.
And one thing that Bitcoin doesn't look like it's ready to do anytime soon is fall apart. And with that being the case, I like Bitcoin and this comes from somebody who is not a Bitcoin evangelist. I don't even know if it ever gets used on a mass adoption type of scale.
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But what I do know is that when a market refuses to fall and it continues to grind higher no matter what's going on in the world, that's something worth watching. A move above the $84,000 level opens up the possibility of a much longer rally towards the $90,000 level, maybe $95,000. Institutional inflows into ETFs that hold Bitcoin have also increased, so this is a good look.
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