- Bitcoin has drifted a bit lower again during the trading session on Thursday.
- It looks like the cryptocurrency markets are simply killing time at this point.
- Tthis is a market that needs to see a lot of risk appetite out there, due to the fact that Bitcoin is so volatile, and of course, is pretty far out on the risk appetite spectrum.
Bitcoin Breakdown – What You Need to Know
It’s worth noting that the $25,000 level continues to offer a significant amount of resistance, and now that we are hanging around the 50 Day EMA. It’s very possible that we will see a bit of a squeeze in this general vicinity. If we break down below the $23,000 level, then it’s possible that we could drop from here. If we drop from here, then I anticipate the BTC/US currency pair could drop down to the $20,000 level. The $20,000 level is an area that will attract a lot of attention due to the fact that it is a large, round, psychologically significant figure, and an area where we have seen support previously. If we were to break down below the $20,000 level, it’s likely that Bitcoin will get cratered.