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Bitcoin continues to drop for the 4th day in a row as it just looks like we’re not going to get any real relief from interest rates.
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And while Bitcoin has performed much better than anticipated during the war and rates rising, it seems like they’re finally starting to pay attention to the bond markets.
And quite frankly, we are in a situation where traders just don’t really know what to do. I do think that the inflow will continue eventually, but this is a market that is stuck. Everybody is waiting to see what the Americans and the Iranians are going to do because it has such a major influence on everything else as far as energy prices.
And until this nonsense is concluded, it’s going to be difficult to make any real financial decisions, and that’s going to be especially true when you’re talking about Bitcoin because it’s so far out on the risk appetite spectrum that it’s very difficult to imagine the FOMO coming back into the market.
Geopolitical Influences and Technical Levels
The Trump speech today was basically giving the Iranians until 8 p.m. Eastern Standard Time tomorrow to do something. So, we may be right back to where we were a few weeks ago. If that’s the case, we’ll see how things play out, but I can’t imagine that’s a good thing for anything, including Bitcoin.
If we do bounce from here, then I think we’ll try to get back to the 200-day EMA. If we can break above there, then we could go looking to the $84,000 level. I don’t have any interest in shorting Bitcoin just because it did behave so much better than everything else during the war, and I think that is a good sign, but I also recognize that the market is one you’re going to have to be very patient with.
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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
As seen on: Pairs Of Aces Podcast,The Trader Guy, FXEmpire
