Bitcoin Technical Analysis
Bitcoin has rallied just a little bit in the early hours on Thursday, but at this point in time, I think we are just simply killing time going back and forth, showing just hesitation at this point. This is an area right around the $100,000 level that has been important more than once, but now that we’ve sliced through it so much, I think it more or less just becomes fair value. We have $90,000 underneath offering support with $110,000 above offering resistance, or a ceiling, if you will.
Essentially, I think the market will probably be somewhat quiet, at least until we get to the non-farm payroll announcement on Friday, because that could have a major influence on interest rates, which, of course, have a major influence on risk assets such as Bitcoin. Short-term pullbacks, I think, continue to be buying opportunities. They have been basically since November. So, I don’t see that changing in the short term in this market.
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