Bitcoin Price Outlook – Bitcoin Continue to Look for Buyers

Bitcoin Technical Analysis

The Bitcoin market has been rather noisy as of late, but we have seen a pretty significant move on Friday, which could be the beginning of a recovery. It is worth noting that the Bitcoin market did bounce right at the 50 day EMA. So, with that being said, I suspect that you have a situation where traders are trying to come in and pick up a cheap Bitcoin. After all, it did fall for something like a 15% loss at one point. Over the longer term, it’ll be interesting to see how this plays out. But really, this to me looks like a classic buy on the dip opportunity, as Bitcoin has probably started to carve out a range more than anything else. I could very realistically see a range between $90,000 on the bottom and $110,000 on the top.

With this, I suspect that a lot of buy on the dips and longer term traders are probably taking advantage of this drop. Even if we broke down below the $90,000 level, there are a couple of areas below that could offer support, not the least of which of course would be the $74,000 level, which was significant resistance previously. Obviously, that would be a situation where we saw a deeper correction, but most Bitcoin enthusiasts are actually buying in little bits and pieces. They’re building their position, and if you’re doing that, these are opportunities.

For a look at all of today’s economic events, check out our economic calendar.