BTC/USD Forecast Today 13/05: Buyers Defend The Trend

(MENAFN- Daily Forex)

Bitcoin has fallen a bit during trading on Tuesday as we continue to see a lot of risk aversion out there. That being said, it's worth noting that Bitcoin did bounce from its lowest levels, and it suggests that there is still some resiliency in this market. Over the longer term, I think we'll have to ask questions about this 200-day EMA that's sitting just above, an area that has, of course, certain implications when it comes to risk appetite and the trend.

Because of this, market participants will continue to see this as a scenario where they have to look at the bond yields as a proxy, but over the longer term we have to ask questions as to whether or not the Bitcoin market can not only break above the 200-day EMA, but perhaps really start to reach higher, maybe breaking above the crucial $84,000 level.

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The $84,000 level, of course, is an area that's been important multiple times in the past and therefore it wouldn't be overly surprising to see this market try to not only get back there but eventually reach above it. With that being the case, market participants are likely to be looking at each pullback as a potential buying opportunity with the likelihood of the 50-day EMA at the 76,225 level being a bit of a floor.

It has been a bit of a stair-step pattern on the way up and I think that bodes well for Bitcoin right along with the idea that the market was relatively stable despite the fact that a fresh war kicked off. So, if anything, that probably tells you that Bitcoin has some real underlying strength in it.

Market participants continue to buy dips and look at this from a longer-term perspective as seen by inflows in Bitcoin ETFs. Overall, I do believe that we will go higher and once we can break above the crucial $84,000 level, things really take off. Another thing that would help is if we could get bond yields in America to finally roll over.

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