Bitcoin Price Outlook – Bitcoin Continues to Go Sideways

Bitcoin Technical Analysis

Bitcoin has been slightly negative during the good Friday trading session, which of course is not a huge surprise considering that we’ve been back and forth for the last five or six sessions to begin with. With a lack of liquidity on Friday, at least from institutional traders, it does make a certain amount of sense that we are just sitting here. The 200 day EMA and the 50 day EMA indicators are both right in this area as well. So, I think this is an area that will continue to attract a lot of attention. The market has been consolidating over the last couple of months, with the $90,000 level above offering a significant amount of resistance and the $75,000 level underneath offering a significant amount of support.

With that being said, I think market participants will continue to look at this through the prism of a market that is trying to find its footing. I do find it interesting that Bitcoin sold off so viciously right before the stock market really accelerated to the downside. But while we still get massive drops in the stock market, Bitcoin decided to sit still. This might be a complete change in the attitude of Bitcoin and the way it behaves in crises.

After all, it wasn’t that long ago that Bitcoin would have dropped to about $30,000 in this type of environment. So, while it is somewhat depressed at the moment, it is still stable. Maybe this is a function of the Bitcoin ETF on Wall Street that everybody trades or maybe it’s just an acceptance that Bitcoin is a little bit more permanent part of the landscape. As things stand right now, I continue to buy short-term dips in little bits and pieces.

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