Bitcoin continues to see a lot of noise, but mainly from buyers.
Bitcoin
The Bitcoin market has been a little noisy during the trading session here on Tuesday, but as rates turn a little bit lower, that does help the market out. We have seen Bitcoin climb just a touch.
That being said, we had recently broken above a major resistance barrier in the form of $82,500. Now it looks like we have pulled back to test that area again, and we are trying to build up the momentum that will be necessary to get to the $90,000 level.
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Sometimes it isn't about fundamentals; it's just about momentum.
Quite frankly, with rates this high, Bitcoin has no business rallying the way it has, but here we are. Sometimes it isn't about fundamentals; it's just about momentum. Right now, the momentum seems to be on the bullish side for Bitcoin.
I do think that buyers will return on dips, with that $82,500 level being an important area of support. Breaking above $90,000 might be a little bit difficult in the short term, but I certainly think that the buyers probably have that in the back of their mind.
Bitcoin has seen a significant rally since basically the middle of August. While there are some questions as to interest rates and how the crypto markets in general will behave according to them, when you look at the Bitcoin chart with a NASDAQ 100 chart, you see some similarities.
Perhaps we are now back on the artificial intelligence-driven NASDAQ, which drags risk appetite higher, meaning that Bitcoin continues to see buyers. I do not know the reason. Quite frankly, if I did, I would tell you, but it certainly looks like the buyers are back.
The question, of course, is whether the momentum will keep up with elevated rates. That remains to be seen. But as long as there is risk appetite in the NASDAQ 100, I think Bitcoin may follow.
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