Bitcoin fell on Tuesday with risk appetite being a massive barrier. However, Bitcoin has previously found buyers, even when the war was raging, so this is something to be aware of.
BTC/USD
Bitcoin fell on Tuesday as we continue to see the interest rates markets in the United States cause havoc. Quite frankly, though, it is worth noting that Bitcoin is in an area where you would expect to see buyers on dips, and I think given enough time that's exactly what will happen.
Nonetheless, I think that you have to understand that the market is likely to continue to be noisy as the risk appetite has a major influence on what happens with Bitcoin. Quite frankly, we're watching a market that has seen a lot of questions asked of it and continues to see a lot of questions asked of it.
Institutional Money and Moving Averages
Over the longer term, I do think that Bitcoin rises because quite frankly it performed so well during the war when everything else was falling apart. If it won't fall, eventually it will rise and we are seeing a certain amount of institutional money fly into the ETF market. With this, I think you have to look at this through the prism of whether or not it's offering value.
I think it is, but I also recognize you are going to have to be very patient in this environment. Eventually I think we test the 200-day EMA, possibly even the $84,000 level.
The market remains one that is very tough to deal with, but I also recognize that this is a market that will remain very volatile. We have seen so much in the way of destruction to Bitcoin over the last year or so that we have to start to question whether or not there's anybody left to be a seller.