- Bitcoin has rallied a bit during the early hours on Friday and just kept going higher. That being said though, it has been a very quiet session, but it’s been positive and that’s a good sign.
- Bitcoin continues to attract a lot of inflows, and I think at this point in time, we will be looking at this little cluster that extends from $95,000 to the $100,000 level. The $100,000 level of course is a large round psychologically significant figure in an area that we will have to pay close attention to.
If we break through that, then it opens up a possible move back to the all-time highs at the $110,000 region. Short term pullbacks make sense, and I would anticipate that they will happen. But those short-term pullbacks should be nice buying opportunities from what I can see.
A Pullback Could Be Helpful Here
That would open up the possibility of a pullback and buying opportunity based on value. The $90,000 level underneath should continue to be important as it was previous resistance. And it is now, at least in theory, support. Market memory should come into the picture at that point. The 50 day EMA sits just below that $90,000 level and is rising. So that also adds a little bit more credence to the idea of the $90,000 level being the floor.
I do favor the upside, but I also recognize that we may get a little bit of a pullback as we grind higher, not necessarily shoot straight up in the air. I am not expecting Bitcoin to launch like a rocket from here. I just think it’s positive overall, and we will continue to see a lot of buying over the longer-term as has been the case for ages in this asset.
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