BTC/USD Forecast Today 06/8: Bitcoin's Volatile Week (Video)
(MENAFN- Daily Forex)
bitcoin has plunged to kick off the trading week on Monday, but it looks like we are getting a little bit of a bounce in the early hours of American trading. The $50,000 level has been defended quite viciously, so we'll have to wait and see if this holds. It looks like a larger traders including Mr. 100 are jumping into the market and buying massive amounts of Bitcoin. Whether or not that actually plays out to save the market remains to be seen and we have a situation where there is a lot of global risk-off trading going on.
The
federal Reserve will have to step in and bail the markets out at this rate and that could help Bitcoin, but right now it's still just speculation. Even with the significant bounce that we have seen of about $5,000 in the last couple of hours, the reality is the candle still looks very ugly. We have made a fresh new low, so really what we need to see is some type of stabilization before trying to get involved again.
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If we break down below the lows of the trading session on Monday, that could be very toxic, opening up the possibility of a move to the $40,000 level given enough time. On a break back above the 200-day EMA, that would be a significant recovery and at that point I think you would have to look at this market as one that is somewhat indestructible. It's hard to tell really because it's so manipulated with the ETF now.
Bitcoin has Changed.
Bitcoin is no longer Bitcoin , it's an index that Wall Street trades. So, with that being the case, the behavior is going to be different than it was in the past. I see a lot of noise online about if you know, you know, we've seen this before. But the reality is this is a completely different market than it was just a year ago. That's just the facts. Take that for what you will. And if you don't like it, that's too bad, but that's the reality. So, it'll be interesting to see how this plays out. I suspect that there has been a lot of people dumping the ETF, meaning that they have to go into the spot market and sell coins. Who knows? We'll have to wait and see, but now is not the time to play around in this market.
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