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The last few rallies in Bitcoin have been driven by specific fundamental news, but at the moment, there are no major catalysts to push prices significantly higher. This explains the current lack of momentum. Ultimately, Bitcoin appears to be in an accumulation phase, but the timing of any breakout remains uncertain.
If the market were to break down, the $88,000 level should act as strong support, not only due to previous price action but also because the 200-day EMA is rapidly approaching that area. A drop below $88,000 could open the door to a revisit of the $74,000 level, which served as a major resistance barrier for much of last year. On the upside, a breakout above $110,000 would be very bullish, but such a move would likely require a strong fundamental catalyst, which we simply don’t have right now.
For now, buying on dips in small increments seems to be the strategy most traders are employing.
For a look at all of today’s economic events, check out our economic calendar.
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