BTC/USD Forecast Today 31/01: Can Bitcoin Break Out? (Video)

2025-01-31 04:17:58

(MENAFN- Daily Forex)

Bitcoin has rallied a bit during the trading session on Thursday as we continue to see upward momentum, but we also at the same time continue to see a little bit of hesitation as we get closer toward the $108,000 level.
In other words, I think you have a situation where the market just isn't ready to go higher yet.
If we could finally break above the $110,000 level, I do think that it is order of magnitudes more bullish as you will have a massive amount of FOMO trading.

I think at this point, we're still accumulating. I do think it's bullish though. I think one of the biggest problems that Bitcoin has right now is that nobody really knows what the US government's going to do with the whole idea of crypto. We know that they're positive about it, or at least more positive than they've been. But we also don't really know what that means in the real world. So far, it hasn't meant anything. Now, in all fairness, they've only been in power for like 10 days, so it's asking a lot. I think you're in a wait and see and accumulate moment here, and I continue to do that.

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Anytime we get even remotely close to $100,000, I buy a bit more. I don't buy a lot, but I'm building up a position just like traders did last year. It's really not until we break down below $88,000 that I would be concerned, but a word of warning, I tend to treat this more like an investment and less like a short-term smash and grab type of market. It's not really a good one for that because of the volatility being so erratic at times, and of course, the fact that if you're trading CFDs, you have to worry about the weekends. So that being said, it's a buy on the dip market. I don't think we're ready to break out quite yet.

EURUSD Chart by TradingView

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