- Bitcoin initially tried to rally during the trading session on Thursday but also found the $84,000 level to be a bit too much to get above.
- We've pulled back as risk appetite continues to get deteriorated, mainly due at least at the moment due to the tariffs that Trump just threw on most of the world.
That being said, this is just the most recent reason for risk appetite to get eviscerated. So therefore, I think it's just going to end up being a continuation of what we had seen previously. That being said, it must be noted that at least Bitcoin is trying to find some type of floor and really is probably doing better than most other risk appetite based assets that I can think of.
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Bitcoin Could Very Well Stay in the Range
So, there is that to pay close attention to the market looks very likely to stay within the range that we have been trying to carve out between the $75,000 level at the bottom and the $90,000 level at the top. The 200 day EMA sits right around the $85,000 level. And I think that is something worth paying attention to. But I would also point out that while we go sideways, volume actually isn't that strong.
So, I think we're just in this holding pattern. If you remember last year, we spent what seemed like a lifetime in a range until Donald Trump was elected. We just don't have any catalyst for Bitcoin to get aggressively strong at the moment. And therefore, I think we continue to go sideways. There really isn't much to do here unless you're accumulating. Once we break above the $90,000 level, then things start to get interesting, until then, think this is essentially a dead market just looking for some type of direction.
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