- Bitcoin has been very back and forth during the trading session here on Thursday as we continue to watch the 120,000 level very closely.
- This is an area that is a large, round, psychologically significant figure that people will be watching very closely due to not only the big figure and the headlines, but the fact that we ended up forming a massive shooting star there earlier in the week.
- What this tells me is the market is likely to continue to see a lot of resistance and trouble in that area. And once we break above the shooting star from Monday, I think Bitcoin flies.
Massive Support Below
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That being said, at this point in time, we still have quite a bit of market memory down here at the 110,000 region. And that is an area that has been important more than once. So, I think the market memory comes into play on any drop towards that area. And I would be a buyer. That's assuming that we can even get to that region. And to be honest with you, I'd be a bit surprised by that. The $115,000 level would be an area of interest as well. But I think what we're doing here is just accumulating. We're just grinding sideways, trying to find a catalyst to get Bitcoin higher again.
The U.S. government is warming up to crypto. So that of course helps Bitcoin, especially with institutional traders. Remember Bitcoin is now ETF basically on Wall Street as far as what a lot of the volume is. So, it's going to come down to how Wall Street feels. It's the dead of summer and a big player is not in the market right now.
So, you may have to be patient. We just saw Bitcoin grind sideways in a $10,000 range for roughly two or three months. I don't think it would be a huge surprise to see another couple weeks of sideways action, but clearly the upside is the right side.
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