Bitcoin markets continue to look weak, despite the fact that we have seen a bit of a bounce on Wednesday.
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Bitcoin markets continue to see a lot of volatility, but at this point in time, the market looks as if it is using the $60,000 level as a bit of a magnet for price. All things being equal, I think this is a market that will continue to be noisy, and I think a lot of this comes down to the fact that there are a lot of risks out there that traders will continue to look at as a potential hindrance to the value of Bitcoin.
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It is also worth noting that at this point in time, Bitcoin is essentially a solution looking for a problem. After all, we've yet to see the market absorb some type of adoption. I've been hearing stories about how Bitcoin was going to change the world for 15 years, and we've yet to see it change anything. Whether or not that changes in the future, of course, remains to be seen, but 15 years into it, we still haven't even seen the first real use of it, other than cross-border transactions occasionally. But really, those transactions are so expensive, unless there's an actual reason to use Bitcoin, most people won't.
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The technical analysis is hanging on by a thread because, quite frankly, the market breaking down below the lows of the last couple of days could open up a move down to the $50,000 level, and it would not surprise me at all to see that happen.
If we rally from here, then the 50-day EMA sits just above the $66,000 level, and I think that's your short-term ceiling in the market.
The jobs number on Thursday will have a major influence on risk appetite as well, so we'll see on which side of $60,000 we close. It could give you a heads up for the next $2,000 or maybe even $3,000.
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