(MENAFN- Daily Forex)

• Bitcoin rallied rather significantly during the trading session again on Monday after initially dropping just a touch.
• Over the weekend we had seen Bitcoin reach towards the $105,000 level but then at the open on Monday we started to drift a little lower.
• However, since then we have seen a pretty big move of a little over 3% as I record this, and it now looks like we are heading toward the $110,000 level rather rapidly.

The market on any pullback at this point in time continues to be a buy on the dip scenario, and I do think that we are in the midst of trying to squeeze prices higher. I also would postulate that it might be a little different this year because those money managers that are trying to participate in the Santa Claus rally are more likely than not going to have to show that they have at least some exposure to Bitcoin.

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After all, clients are going to wonder why they weren't involved in one of the biggest moves that we've seen all year, being Bitcoin running from $74,000 to the present level. I do think that this is a buy on the dip market regardless. It's obviously going to continue to be supported by Wall Street via the ETF.

So, with all of that being said, I think you have to look at this as a market that you can't short, a market that probably goes much higher, but will have the occasional consolidation phase like we had just seen. It does make a certain amount of sense that it existed because it was pressuring $100,000, which is a large round psychologically significant figure. At this point, the $90,000 level becomes the floor in the market with the 50-day EMA offering a bit of technical support as well. I do think Bitcoin goes higher, despite the fact that it is so overstretched.

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