The Bitcoin market has been choppy again during the trading session on Friday as we continue to hang around the 50-day EMA.
Interest rates in America have drifted a little bit lower, so it is somewhat surprising that Bitcoin didn't rally, but quite frankly, Bitcoin seems to be in its own world at the moment.
Bitcoin seems to be in its own world at the moment. After all, during the war when interest rates started to shoot straight up in the air at the kickoff, the Bitcoin market was relatively stable. This would have been a scenario that most traders would not have expected.
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Bitcoin Had Already Sold Off
I suppose at that point you can make the argument that Bitcoin had already fallen apart and as a result maybe there weren't that many sellers left. Now we find ourselves in a different regime as people are starting to look at this through the prism of a market that has recently made a nice rounding bottom and it suggests that we might be looking at an attempt to turn things around for a longer-term type of move.
After all, the Bitcoin market has seen a lot of inflows when it comes to the ETFs that traders use to get involved on Wall Street, and that means institutions are involved. The 200-day EMA has offered resistance as of late. I think it makes a pretty decent target at this point.
So, with that being said, I like the idea of buying, but I also recognize it's going to take some time to truly move to the upside. After all, there are a lot of concerns out there when it comes to anything risk related. Ultimately, I like Bitcoin for the longer-term move, but I think it's going to take quite some time to get to where I believe it eventually ends up, somewhere closer to 95,000.
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