- Bitcoin initially fell on Friday, as traders are watching the overall risk appetite of markets closely. With this, traders continue to look at $72,000 as a floor in the asset.
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Bitcoin Rebounds From a Key Support Zone as Markets Search for Direction
Bitcoin initially fell during the trading session on Friday but has turned around to show signs of life again as the $72,000 level looks like a bit of a floor. The $72,000 level is an area that has been important multiple times in the past so therefore it's not a huge surprise to see that we have in fact turned right back around.
Ultimately if we do rally from here, I think you've got a real shot at this market trying to get to the $76,400 level where the 50-day EMA sits. If we break above there then the market is likely to go looking at the 200-day EMA sitting just above the $81,000 level.
A Very Negative Turn of Events
If we were to break down below the $72,000 level that could be a very negative turn of events. In that situation you could see the $65,000 level shown as a potential target.
All things being equal, I do think that Bitcoin has broken out, it is now pulled back, and I think value hunters will get involved. Ultimately this is a market that I think continues to see a lot of situational bullishness over the longer term but you have to be very cautious with putting a bunch of money into the market and also recognizing that Bitcoin will remain very noisy as long as there are concerns about the overall risk appetite around the world.
Ultimately this is a market that I think is looking for some type of momentum to go to the upside, but it might be more of a grind than anything else.
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