Bitcoin Technical Analysis
The Bitcoin market rallied a bit during the early hours on Monday, as $60,000 continues to be very important. At this point in time, we are breaking above the 50 day EMA, and I think we are trying to get back to the $64,000 level. If we can clear $65,000, then it’s very likely that the market could continue to go higher, perhaps even reaching as high as $73,000 above, which had been a major ceiling. Underneath, we have plenty of support near the $57,000 level, and I think that extends all the way to the aforementioned $60,000 level. It’s a range of support if you will.
Giving that up, it’s very likely that if we were to break down below there, then the $52,000 level and the 200-day EMA both come into the picture as support as well. This is a very bullish market from a longer-term standpoint, but there’s a lot of noise out there as, quite frankly, Wall Street is now in the mix. It’s going to change the attitude and the behavior of this asset. I don’t know if we’re going to see 10% gains on any particular day anymore because of this, and it’s going to behave more like an index.