Bitcoin Around $75K: Is the Market Waiting for a Direction?

[Asiska02]

Overall I think this is a time to take your time. If we see strong volume picking up then this could be something to watch.

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

It’s better not to react all of a sudden. Observing the market is very important as well as taking the best most decisive actions in terms of market uncertainty like this. I don’t see the activities around the market such that will cause some panics, but that doesn’t mean that observing the market won’t be of big benefit. The market is just trending in what the market should currently be trending towards, this does not call for panic or rushing to sell. This moment too shall pass and bitcoin will recover and go into a bull run again in the future.

[Slow death]

The price dropped to $72,700 today, then recovered slightly and is currently at $73,700. This suggests that it could fall significantly if it drops below $70,000, or it might gain momentum and climb higher if some positive news emerges—though, honestly, I don’t see any good news on the horizon anytime soon. In my view, the price of Bitcoin is struggling to sustain itself above $70,000 for any length of time, which could be due to a number of factors. That said, there was actually some good news today for users of the Mercado Bitcoin platform:

Mercado Bitcoin to resume cash withdrawals after $49M hack

source: https://cointelegraph.com/news/pix-withdrawals-resume-mercado-bitcoin-hack

Although this is good news for those who use this site, reports of hacker attacks on cryptocurrency platforms have become increasingly common this year. This could deter people from the market for some time; furthermore, Trump’s foreign policies pose another challenge for the market. These factors are not conducive to an increase in the price of Bitcoin which explains why the price is falling as it seems that whenever the price starts to rise, some piece of bad news emerges. It’s beginning to get quite strange.

Hot US inflation raises odds of half-point Fed hike in December

source: https://cointelegraph.com/news/hot-us-inflation-raises-rate-hike-crypto

The market outlook is not good; I see the price fluctuating between $60,000 and $90,000 over the next two years, with a significant rebound expected after Trump’s term ends. I could be completely wrong about this, but I don’t foresee the price climbing high enough to reach $126,000 not while we continue to see erratic decisions coming from an individual in a certain wealthy nation, and while major hacking incidents resulting in the theft of large sums of money continue to plague the cryptocurrency market.

[DiMarxist]

Bitcoin is trading around $75K right now. BTC is starting to consolidate after its latest drop however we're still seeing signs of a weak market.

For now Bitcoin is still in a recovery phase so, no matter how tough the Bitcoin market may be. we are to stay put and only think about investing and holding for Long

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

Waiting for confirmation from where OP, when it comes  to the Bitcoin market procastination has always been the issue. Since no body can easily point out where the price of Bitcoin is going to be, there is no need of  investing with fear or waiting for confirmation based on the indicesse that the investor has.

[STT]

The trend is your friend or in this case its a freight train and you should at least step out the way.   In trading terms I dont see a reason to be optimistic below establishing 75k as a confirmed low, alot of people wont hop on board till its trending above 80k

We're nowhere near those scenarios from what I can see has happened.  Its not leveled out, its falling and only briefly bounced near the 200 day average.   This is 6 red bars on the weekly chart, once upon a time I'd bet it'll turn green like its roulette and luck is due but generally thats not how a speculative trade tends to work so Ive read.

  Expect more of the same is the basic rule and we watch on that basis.  Having lost the yearly average and we now risk the 200 day average, the most watched indicator on a chart across the market; this is negative sentiment requiring a fight to nullify and turn around.