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MENAFN- Daily Forex)
During the trading session on Tuesday, we saw quite a bit of noise in the Bitcoin market. The market initially fell, only to turn around and rally quite significantly. By the middle of the US session though, we have seen the Bitcoin market completely turn around and start falling again. Bitcoin looks miserable, as it tests a major support region. After all, we saw this area important in the past, and one would assume that it will continue to be important in the future.
Technical Analysis
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The $75,000 level is an area that particularly interested in when it comes to the Bitcoin market, mainly due to the fact that it had been a significant resistance barrier previously, as we had gone sideways during most of 2024. The market rallied quite significantly to reach somewhere near that area after the announcement of the Wall Street ETF, but quite frankly we have seen very little movement beyond the ETF itself as far as real adoption is concerned.
EURUSD Chart by TradingView
People got excited about the idea that Donald Trump the power, because his administration is considered to be pro-crypto. However, we recently found out that the US Crypto Strategic Reserve was going to use confiscated crypto instead of buying new crypto, so this took one of the major drivers of the market going higher out of contention. Because of this, there has been a bit of disappointment, and we find ourselves well below the 200 Day EMA, which a lot of traders will be paying close attention to. The Bitcoin market looks horrible, but there is a possibility that we will bounce around the $75,000 level for a while. On the other hand, if we do turn around and rally from here and take the 200 Day EMA out to the top, then you have a real shot of the market breaking out to the upside. However, I don't see that happening anytime soon.
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