Bitcoin Price Outlook – Bitcoin Continues to Grind

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the trading session again on Tuesday as it just doesn’t seem to have anywhere to be. Because of this, I think you’ve got a situation where traders are going to look at this through the prism of a market that ultimately is one that I think is stuck in consolidation and stuck in a wait NC mode with this.

I’ve got the impression that most of what’s going on is going to be thought of as buy on the dip accumulation, that type of thing. So, with this being said, the $90,000 level below is a major support level that I think extends down to the $88,000 level. Anything below there has this market selling off pretty drastically.

But with this being said, I also think you have a situation where if we do pull back to here and bounce, then you will have more accumulators out there accumulating Bitcoin. The market breaking above the 50 day EMA is a sign that we are going higher and perhaps reaching towards the $110,000 level. Breaking above the $110,000 level could open up the possibility of a huge move to $130,000, but I don’t see that happening easily.

I think right now most Bitcoin traders are just waiting to see what happens with the United States and crypto regulation. And of course, coming to grips with the idea that the Federal Reserve is going to stay tighter for longer, keeping rate higher.

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