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Bitcoin Technical Analysis
Bitcoin initially did try to rally a bit during the trading session here on Thursday but gave back the gains above $92,000. The market is continuing to see a lot of back and forth between the 50 day EMA and 60 day EMA indicators. This of course is a market that is currently looking at the possibility of an economic slowdown, and of course, the possibility of whether or not risk appetite will return. I look at this as a longer term investment, not a short term trade. So therefore, I can’t get too hung up on the day to day moves because they will continue to be wild.
But recently, we’ve had the United States suggest that there is going to be a digital asset wealth fund or a strategic crypto reserve, whatever you want to call it. And of course, Bitcoin would have something to do with that. This has caused a lot of volatility over the last couple of days, but the general malaise in risk appetite, I think, continues to be a major issue with Bitcoin. Therefore, you have to recognize that the upside is probably somewhat muted at the moment. But if we were to break above 96,000, then it opens up the door to 100,000 followed by 110,000.
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