Bitcoin continues to be somewhat impressive due to the idea that despite the fact that there are a massive number of reasons to think that the risk appetite would be horrible.
BTC/USD
Bitcoin continues to be somewhat impressive due to the idea that despite the fact that the world is becoming undone traders are in fact choosing to own Bitcoin and jump into Bitcoin. This is mainly institutionally driven, which is a good sign. Ultimately at this juncture you have to assume that traders will continue to look at Bitcoin as a speculative asset. In other words, you need to see people be willing to risk trading capital in an environment where risk is very difficult.
If we get some type of situation in the Middle East of peace and peace related, I think that helps Bitcoin because it should drive down interest rates. Interest rates have been the killer of Bitcoin as of late and that probably continues to be the case going forward.
TECHNICAL RESISTANCE AND LONG-TERM PATTERNS
I do believe that traders are going to have to be very patient, and I also recognize that the 72,000 level is an area that you have to be very cautious of. But if we can break above there then the market is likely to continue to go much higher, perhaps eventually going to the 80,000 level. This is a longer-term move, and I think it could take some time.
All things being equal, this is a market that I believe will remain very noisy and choppy, but it does look like it is doing everything it can to turn things around. So given enough time, I believe that traders are going to eventually look at this as a bottoming pattern and try to take advantage of cheap Bitcoin for a longer-term move.