Bitcoin remains a buy on dips despite oil risks says Hilbert CIO

Bitcoin remained near the lower end of its recent trading range Monday as inflation concerns, expectations of further Federal Reserve tightening and the Middle East conflict continued to weigh on sentiment. The largest crypto asset by market cap last traded near $82,400, down about 1.5% over 24 hours. Since rallying toward $87,000 on September 21, Bitcoin has spent much of the past three weeks between roughly $82,000 and $87,000, with brief moves outside that band, including last week’s decline toward $80,000. Its recovery from that selloff has kept the broader consolidation intact. But with Bitcoin back below $83,000, buyers still need to reclaim a level that has repeatedly served as support during the period. “I would say right now Bitcoin is a buy on dips,” Russell Thompson, chief investment officer at digital asset investment firm Hilbert Group, said in commentary shared with Crypto Briefing. Thompson identified initial support at $80,000 to $81,000, followed by trend line support around $77,000. He cautioned that the seven day and 21 day moving average crossover tracked by his team had turned bearish, while options positioning pointed to a maximum pain level around $78,000. “T...