Bitcoin has fallen a bit during the early trading session on Friday as the 200-day EMA continues to be an area of significant resistance.
Interest rates in America have screamed higher and that of course works against the idea of buying far out on the risk appetite curve.
So, I'm watching this very closely because while the war has gone on Bitcoin has done fairly well but we are struggling with the 200-day EMA.
That being said if we do break above the 200-day EMA then the $84,000 level offers a target. If we're breaking above there anytime soon then I think $95,000 makes a lot of sense, all things being equal.
I do think that one thing that you have to pay close attention to when it comes to Bitcoin is that it refused to fall apart and that is sometimes what you're looking for. You're looking for what the market won't do, not necessarily what you think it will do.
And it just doesn't make sense that Bitcoin is rallying for most people but again price is truth and price is telling us that Bitcoin eventually wants to go higher.
Institutional demand and yield headwinds
Institutional flows into the ETF sector that follows Bitcoin or I should say actually goes into the market and buying Bitcoin is still very strong. So, I think you've got a real shot at this market trying to take off to the upside. It's just you're going to have to be patient.
If yield in America finally back down and they've been screaming higher all day that could provide a little bit of a boost for Bitcoin as well.
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I like buying dips. I just think you're going to have to be very cautious with your position size.
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