Bitcoin Technical Analysis

The Bitcoin market has tried to get to the $74,000 level over the last couple of days, but we continue to sit just below there. With the jobs number coming out on Friday, we could get a bit of volatility due to that. So we’ll have to watch what happens with the US dollar because that will probably be the big mover here. If we fall from here, then I think the $70,000 level could be a certain amount of support, followed by $68,000, and then eventually the 50-day EMA, which sits near the $65,500 level.

On the other hand, though, if we do break above the $74,000 level, then I think that brings in more FOMO trading and people would start to push for the next move higher. All things being equal, I do think that Bitcoin is bullish. It’s just a matter of whether or not we are going to get a breakout now or if we need to pull back in order to find some type of value that we can take advantage of.

When you look at the chart all the way back to February, we’ve just kind of formed a huge, rounded bottom. And ultimately at this point in time, I guess, if you take the so-called measured move, you could be looking at a move to about $99,000, roughly. That obviously would be a long-term move, and you should keep in mind that the ETF does slow things down because it’s now a Wall Street asset.

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