Bitcoin continues to see buyers on dips, and Monday will be no exception.
The Bitcoin market has fallen as you would anticipate on Monday, with all of this talk about a trade spat between the United States and the European Union again. But really at the end of the day, Bitcoin doesn't care, and I suspect most of the market doesn't.
One prime example is the US dollar against the Japanese yen, which initially sold off and yet turned right back around. So, I think you've got a scenario where the risk appetite will eventually work itself out, and I think Bitcoin continues to go higher. We are below the crucial $95,000 level, but it does look like the 50-day EMA has offered support.
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If we can break back above the $95,000 level, I think that's a good sign. Quite frankly, it would not surprise me at all to see Bitcoin go sideways and grind with a slightly positive tilt over the longer term because we did just see a 30% drop pretty quickly.
Institutions Don't Play That Game
These are not retail traders who are going into the market with a YOLO attitude. A 30% drop in Bitcoin means a lot more than it did 5 years ago. Institutions don't play that game, and as a result, it might be a little slower to rally than I think a lot of people think.
But I do think it will rally at this point, unless something unforeseen happens. I still believe we get to the $107,000 level, but it may take several months. So a little bit of patience probably goes a long way here. If we were to break down below $84,000, something that we're not really close to doing at the moment, that could change things, but right now, this still looks like a buy on the dip market.
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