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The Bitcoin market initially pulled back just a bit during the session on Monday to kick off the week but then has turned around to show signs of strength. The market seems to be paying close attention to this $96,000 level, an area that’s been important more than once. With that being said, I am watching very closely whether or not we can get beyond it because that obviously would be a very bullish sign. Ultimately though, I think you have a situation where traders are going to be looking for short-term pullbacks as buying opportunities, especially near the crucial $90,000 level. $90,000 is of course a large round psychologically significant figure, but it’s also an area where we have seen a lot of action previously anyway.
So, with that being the case, I would watch that area with interest if we do drop down to that area, especially if we start to bounce, then I think it shows that the value hunters are almost certainly in the game trying to take advantage of cheap Bitcoin. If we break down below there, then we are more likely than not will test the 50 day EMA and the 200 day EMA. Above the current price, we have the $96,000 level and then the $100,000 level coming into the picture offering a bit of resistance. Anything above that level then opens up the possibility of a return to that recent all-time high of $110,000.
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