Bitcoin initially fell during the trading session on Monday but has turned around as interest rates have calmed down.
After all, we had seen a lot of concern initially during the first few hours of the Monday session as Israel and Iran are trading missiles again and it made those rates jump out of fear.
That being said, the United States seems like it is not very interested in getting involved and if that is in fact going to be the major relief factor here.
That being said, if we were to drop from here, as far as interest rates are concerned, that should send the Bitcoin market to the upside. All things being equal, this is a market that will remain very noisy, but I think we are trying to build a little bit of a base here, especially as volume really has peaked at this attempt to break down below the $60,000 level.
Technical Outlook
I do believe that there are large amounts of orders there, as shown on the volume graph, that will continue to defend this level. That does not mean that Bitcoin is going to jump straight up in the air and that it is going to be easy, but I do think that there is a lot of support at the $60,000 level.
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Clearing the $65,000 level would be a potential signal that we are going to continue to go to the upside, maybe even going as high as $72,000 with the 50-day EMA offering a bit of resistance as well. If we break down below the $60,000 level, my suspicion is interest rates in America really start to scream higher and you probably see a lot of US dollar strength. Bitcoin does not operate in a vacuum like it once did and I think that is what a lot of retail traders are starting to struggle with.
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