(
MENAFN- Daily Forex)
Bitcoin has had a rather pathetic attempt to add trying to rally during the trading session on Thursday and based on the candlestick, it would not surprise me at all if it's got further to go to the downside. Everybody is worried about some type of economic meltdown. I can tell you on the ground in the real world, it doesn't exist. But we get these occasionally in the markets so that people can shake other traders out, collect the profit and move on.
So, what's interesting is that the GDP, the preliminary GDP numbers in the United States came out as expected. Now people are panicking that maybe the Fed won't cut rates quick enough for them. That directly affects Bitcoin because of the risk asset. And really, it's nothing else but a speculative asset.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money
So, what happens is in times like this, things like this just get thrown out the window. That's probably going to be the case for a while. Now, whether or not that sticks remains to be seen. And I certainly wouldn't short Bitcoin. There's too many believers out there. But I'm looking at the $74,000 level as a potential target, as it was resistance previously.
I don't know if we will get all the way down there, but it is very possible that we do revisit that area. On the other hand, if we can turn around and recapture 90,000, then that means that everybody's happy again and all of a sudden, we're at a bull market. This will translate into Bitcoin rallying , but the market is pretty dramatic under the best of circumstances, and now it's absolute panic. I've watched the charts during the day, and while the daily candlestick doesn't look too bad, a lot of people got chopped up today in the stock market Goes Wall Street, So Goes BTC
That directly influences Bitcoin because it's a Wall Street asset now. It's no longer this decentralized payment. It's an ETF, that's what it is. So as long as that's the case, and if stocks, especially technology stocks, think NASDAQ 100, get hammered, Bitcoin's going to go right along with it. We are in a new paradigm for Bitcoin. It's no longer the crypto bros holding on to it and moving the markets. It's Wall Street, and Wall Street panicked today, early at the open, and it looks like they can't really hang on to gains. So, Bitcoin will pay the price.
EURUSD Chart by TradingView
That being said, I do think that there is a significant amount of support to be near 74,000. I even bought some today, but I bought a very small amount. I mean, we're talking about a handful of Satoshis at this point. Satoshis obviously get cheaper as it falls. This is a longer term investment for me. It's not a trade trading Bitcoin doesn't work. I've learned over the years that typically, what happens is people come in and they try to trade Bitcoin with a ton of leverage, and then you get a move like this and you lose your account. This is probably going to end up turning into a bit of an index, so you must approach it in a very similar manner.
Ready to trade Bitcoin forex forecast ? Here's a list of some of the best crypto brokers to check out.
MENAFN28022025000131011023ID1109261005
Comments
No comment