This is an area that has been important for some time, so it makes perfect sense that this area will continue to attract attention in both directions. BTC/USD rose slightly in Thursday’s trade, reaching the crucial level of $18,000. This is an area that has been important for some time, so it makes perfect sense that we would continue to see attention in both directions. „Market memory” comes in because it was so important in the past. That said, I think we will probably still see a lot of back and forth, but unless we can hold above the $18,000 level, it is very likely that we will continue to see the market bear down. Advertisement Try this trading offer with the best BTC/USD broker Get started image After all the drama surrounding FTX, it’s not a big surprise to see that Bitcoin won. I think we also have a situation where we have to look at it through the prism of whether or not the US dollar continues to break. I don’t think that will necessarily happen, so it is very likely that we will have a scenario where there is very limited time in the Bitcoin market, which many people are more than willing to take advantage of. Negativity Before At the end of the day, there is a situation where I believe there is more negativity, but I can’t tell you the exact reason. I think simple speed will continue to be a big problem. The 50-day EMA is at the $20,000 level and now offers important psychological resistance. If we turn around and break below the $16,000 level, I believe Bitcoin will break further and reach the $15,000 level and eventually $12,000, making it the first break we have seen in a long time. At the end of the day, it’s a situation where we probably have a lot of noise to deal with, but in the long run I think we’re going to take a much bigger step. When that happens it will become much clearer, but in the short term I think we have to look at it through the prism of a relief rally and nothing more. The food rallies are likely to continue, even though Thursday’s situation was so one-sided.