Bitcoin has bounced pretty hard during the trading session here on Thursday as the $60,000 level continues to be an area that attracts a certain amount of buying pressure.
Interest rates dropping in America have helped a little bit, and if we stay the way we have, it looks like we're going to form some type of a hammer.
If we can break above the top of it, then it's a short-term bounce just waiting to happen.
Ultimately, this is a market that I think will remain very noisy, and I don't necessarily think that it's going to become bullish, at least not in the short term, but a bit of a bounce makes quite a bit of sense here. I think a short-term trade is going to show you the way forward, and of course on Friday we get the jobs number coming out of the United States, which will have a major influence on bond markets, allowing Bitcoin traders, specifically institutional ones, to play the movement of the bond market.
Bond Market and Jobs Report Influence
If rates drop a bit, that would be very good for the BTC/USD pair and could send this market to the upside for a while. This would catch a lot of trader off guard.
Ultimately, this is a market that I think remains noisy. I think it remains very dangerous, but with a small enough position, I'm perfectly fine playing it for a bounce. This market will remain one that I think attracts a lot of attention, but $60,000 must hold. If it doesn't, that would be horrific for Bitcoin.
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