Bitcoin Price Outlook – Bitcoin Continues to Bounce Around

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be a little bit positive in the early hours on Thursday, but it has given back most of those gains. Ultimately, this is a market that is going to remain all over the place, as risk appetite of course is going to be very erratic after these tariffs that were announced.

That being said, a lot of Bitcoin traders have no idea how risk appetite comes into the picture, but clearly Bitcoin has proven itself to be a risk on asset only. After all, the market thought at one point that Bitcoin was gold and it’s not gold. So, it doesn’t behave like gold. And therefore, unless we see larger institutions willing to step into the risk spectrum, Bitcoin is going to continue to struggle.

Currently Bitcoin is hanging around in a consolidation phase that I think may remain for a while. In general, I’m not overly impressed by the price action, but if you are a longer term believer, this has been an excellent opportunity to dollar cost average as long, as you do it slowly.

Getting aggressive in this market, probably not going to be the best thing to do. So, keep that in mind as the 200 day EMA is just above and then is followed by the 50 day EMA. The $90,000 level is the major barrier that I think we would have to overcome to get truly bullish here, but if we do, this is a market that could shoot higher.

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