Bitcoin Technical Analysis

The Bitcoin market has fallen rather hard during the course of the early hours on Monday as we continue to see a lot of volatility. All things being equal, this is a market that I think continues to see a lot of noise and a lot of uncertainty, but I do think that we have plenty of buyers underneath to take on the idea of Bitcoin reacting positively to the Federal Reserve cutting rates now that we had made a higher high for the first time in a couple of months, which is something that I had been waiting on to get bullish about.

It does suggest that perhaps we could turn around and go much higher. All things being equal, I do believe that the $60,000 level will be an area that a lot of people are going to have to pay close attention to. The $62,000 level was also supported and therefore I think it all ties together for a nice opportunity to pick up Bitcoin when it does drop.

If we do break to the upside, I think we will go looking to the $70,000 level, but I don’t think we’re going to get there right away. I do think that Bitcoin continues to be very noisy due to the idea of uncertainty out there and that of course has Bitcoin traders a little bit nervous. And I think that’s probably going to be true with all assets that rely on risk on behavior.

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