Bitcoin Technical Analysis
The Bitcoin market initially shot higher during the early hours on Monday, but it is giving back some of the gains. So, we’ll have to wait and see whether or not we can actually make a bigger move. When you look at this, it looks like we are hanging around the $105,000 level. And I think this is an area that will remain interesting, mainly due to the fact that we had seen a lot of noise there previously.
So, a little bit of a pullback, I think, makes sense. That pullback should end up being a nice buying opportunity, given enough time, with the $100,000 level underneath being a potential support level as it is psychologically important. If we do break above the $106,000 level, then I think we go right back to the all-time highs. Ultimately, this is a market that will remain very bullish longer term, I think. Basically, it’s become an institutionalized ETF. And as long as Wall Street has an ETF to pump, they’ll find a reason to pump that ETF.