Bitcoin Technical Analysis
The Bitcoin market has been somewhat sideways over the last couple of days, which makes sense as we are digesting a lot of upward momentum from the previous week. The $67,000 level is an area that’s been like a magnet for price, and it has been important as both support and resistance previously. So, it does make a certain amount of sense that the market is paying close attention to it and perhaps trying to sort out whether or not we can continue to accelerate to the upside. I think at this point, you probably have a situation where traders are going to have to perhaps get an idea of taking advantage of value each time we get some kind of a drop that shows signs of a bounce.
So, I do think that somewhere around 65,000 is a certain amount of support, and then again, down at the 63,000 level. On the other hand, if we turn around and break above the $68,000 level with any type of momentum, I think at that point, the $73,000 level would be targeted.
Bitcoin, of course, is a very volatile market. But really at the end of the day, I do think that given enough time, Bitcoin should continue to attract inflows as it is now a Wall Street asset, almost like an index. So, it’s going to continue to get institutional support going forward as the market is going to become a bit of an index from what I can tell, and therefore act like one.
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