BTC/USD Forecast 05/09: Looking For Support (Video)

2025-09-05 04:07:09

(MENAFN- Daily Forex)

Bitcoin has drifted a little bit lower during the early hours here on Thursday as we are hanging around the $110,000 level, trying to sort out whether or not this is going to be support or not.
After all, it had been support and resistance multiple times previously, but we had broken below it a little bit.
Now we are back above it. So, the question is, does it become a magnet for price?

It could be in the short term mainly due to the fact that we have the non-farm payroll announcement on Friday and that will have a lot of people uh looking at the overall risk appetite. Non-farm payroll itself isn't necessarily conducive to moving Bitcoin just from the number, but it could move risk appetite. And again, that's really what matters from a technical analysis standpoint, the 50 day EMA sits above current pricing near the $113,300 level, and that could offer a little bit of resistance.

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If we can break above there, then the market could go looking at much higher levels, the $116,000 level, and then eventually the $120,000 level from what I see. If we break down from here, the $108,000 level should offer a certain amount of support, but if it doesn't, then we could be looking at a move down to the 200 day EMA, which is closer to the $104,000 level.

Ultimately, I do think that you will continue to see a lot of noisy trading. That's really nothing new. And really at this point in time, from a longer term perspective, Bitcoin still looks like it's pretty bullish. It's just a scenario where we just don't really have a whole lot going on to push the market one way or the other.

EURUSD Chart by TradingView

After all, we're just getting now of the summertime doldrums if you will as institutional traders a lot of times will be on vacation so volume will have dropped but I suspect by the end of the day on Friday we will have a shot in one direction or the other that should have a little bit of follow through

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