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Bitcoin Technical Analysis
The Bitcoin market has been a little bit negative during the trading session on Monday, but that was after launching over the weekend due to the Americans coming together for a cryptocurrency strategic reserve, which of course should include Bitcoin, although it wasn’t named specifically, thereby adding more demand in its sovereign wealth fund. There is a crypto conference coming up at the White House and then has everybody excited. But the biggest winners were Solana, Cardano, and even Ripple.
That being said, the Bitcoin market looks as if it is trying to do everything it can to break above the 50-day EMA. And if it can break above the 50-day EMA, then I think it goes looking like the $100,000 level. Anything above that level then opens up the possibility of a move to the $110,000 level again. But that being said, I think any short-term pullback at this point in time will almost certainly find support, especially near the 200-day EMA, near the $85,000 level, assuming that we dropped that far. I think this was the excuse that everybody had been looking for, and it’s probably worth noting that over the last couple of days there had been huge, levered bets on Bitcoin and Ethereum, so somebody somewhere knew something.
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