Bitcoin fell on Thursday, as traders are having issues with risk appetite. That being said, markets are also facing a three-day holiday in America influencing things.
Bitcoin
Bitcoin falls during the Thursday session as we are hanging around the $64,000 level and perhaps even more importantly, the previous resistance barrier from an ascending triangle. I think the Thursday session shows an interesting dichotomy because rates are dropping and Bitcoin is not taking advantage of that.
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So, this is something that we have also seen in the precious metals markets, so I think you've got to look at this as a sign that perhaps something is changing. Furthermore, and I think this is probably something worth watching, is that Friday is Juneteenth in the United States, so institutional traders are probably going home for the week, maybe closing out short-term positions. In general, I believe that the $60,000 level offers a significant floor in the market.
Technical Resistance and Global Risk Metrics
If the market were to rally from here, then I think we could break a little higher and perhaps try to find some type of sideways action. If we can break above the $67,000 level, then it's likely that we could go looking to the 50-day EMA, possibly even the $72,000 level.
Ultimately, I do think Bitcoin is trying to find its floor, but I also recognize that the markets are in a state of flux, not just with Bitcoin, but with everything else. We don't really know what to do with the Middle East, and although it looks like things are moving in the right direction, the situation is tenable at best, and I do think that the risk appetite is going to have a major part to play with Bitcoin, as it is pretty far out on the spectrum. Longer term, I do think it recovers, but it's going to be a hard market to throw a bunch of money at.
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