(MENAFN- Daily Forex)

• Bitcoin has shown itself to be strong yet again, but we are struggling with the $90,000 level, which is really important to pay attention to.
• So, with that being said, I think you have to look at this through the prism of whether or not we can close above $90,000.

If we can, then the 50-day EMA comes into the picture near the $94,000 level. Short-term volatility would be expected, especially as we have a lot of questions asked about the overall health of the economy, and that has a lot to do with risk appetite and where that's going. Because of this, I think you've got a situation where traders are going to be in a couple of different a couple of different camps here, if you will. The Bitcoin market is likely to attract a lot of longer term traders or investors, but there are shorter term traders that would be interested in trying to play this back and forth. Most longer term traders will of course start looking at this dip as a potential buying opportunity, but they'll probably do so in more of an accumulation phase.

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With all of that being said, the market still looks at the $75,000 level as a massive floor in the market. And I do think that a lot of value hunters will be down there. I am bullish about Bitcoin long-term, but in the short-term, I think you're going to have to deal with a lot of volatility as seen over the last several days.

There is still the hope that the Americans put together some type of sovereign wealth fund using crypto, but there's a lot of questions with that as well. Ultimately, this is a market that I think will continue to be noisy but I also recognize that there are a lot of longer term investors out there willing to get involved.

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