Bitcoin Price Forecast – Bitcoin Hovers Near 200 Day EMA

Bitcoin Technical Analysis

The Bitcoin market has been hovering near the 200-day EMA again on Thursday as we simply just don’t have enough momentum to get going yet. It’s worth noting that the 200-day EMA sits just above and is causing a little bit of technical resistance. So if we can break above there, then obviously that will capture the attention of quite a few traders. Doing so would open up the possibility of a move to the $90,000 level, where we would meet the 50-day EMA and previous support that one would think is now going to be resistance.

If we do, in fact, pull back from here, I’d keep an eye on the $75,000 level. It should be an area of interest as it is a large round number, but it’s essentially the top of that consolidation area that we had spent so much of 2024 in. I think Bitcoin is going to continue to struggle overall though, because we are definitely in a risk off type of environment. And it’s really difficult for Bitcoin or other alternative assets to take off in this environment as a lot of people are looking to protect their wealth, not necessarily take what they view as risky chances.

Short-term pullbacks probably attract the dollar cost averaging crowd into the market. But those are the people that are going to be hanging on to Bitcoin no matter what. As far as short-term traders are concerned, they’re probably looking at trying to form some type of range in this general vicinity, but I don’t think we’ve settled on exactly what that will look like.

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