Bitcoin Price Outlook – Bitcoin Continues to Bounce Around

Bitcoin Technical Analysis

Bitcoin initially did try to rally a bit during the trading session here on Thursday but gave back the gains above $92,000. The market is continuing to see a lot of back and forth between the 50 day EMA and 60 day EMA indicators. This of course is a market that is currently looking at the possibility of an economic slowdown, and of course, the possibility of whether or not risk appetite will return. I look at this as a longer term investment, not a short term trade. So therefore, I can’t get too hung up on the day to day moves because they will continue to be wild.

But recently, we’ve had the United States suggest that there is going to be a digital asset wealth fund or a strategic crypto reserve, whatever you want to call it. And of course, Bitcoin would have something to do with that. This has caused a lot of volatility over the last couple of days, but the general malaise in risk appetite, I think, continues to be a major issue with Bitcoin. Therefore, you have to recognize that the upside is probably somewhat muted at the moment. But if we were to break above 96,000, then it opens up the door to 100,000 followed by 110,000.

A breakdown from here will have to face the 200 day EMA near 85,743. And then after that, 80,000 comes in right along with 75,000 as potential support. I look at Bitcoin as a market that’s essentially compressing at the moment and I am looking for some type of fundamental reason to get going in either direction.

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