Bitcoin Price Outlook – Bitcoin Continues to Grind

Bitcoin Technical Analysis

The Bitcoin market continues to be very choppy in a very short range of distance, as we are currently stuck between the 50-day EMA above and the 200-day EMA below. Because of that, I think you’ve got a situation where the market participants continue to see a lot of questions asked about risk appetite, which, of course, has suffered a lot of damage over the last several days in the stock market.

So, it’ll be interesting to see how this plays out with other markets such as Bitcoin. Keep in mind that the hope that the United States was going to set up a strategic crypto reserve to bring more buyers into the market just never materialized. It’s basically just using seized assets. So, with that, we have lost that potential catalyst, but I am watching the $90,000 level.

The $90,000 level is an area where I think you kind of flip the script as it were, letting this market really start to take off. I also recognize that we’re still swimming upstream at that point. So, you do have to keep that in the back of your mind. But I think that could open up a move to the $95,000 level. If we break back below the 200 day EMA, then I think you’re just stuck in this range that we’ve been in for a while between $75,000 on the bottom and $90,000 on the top. I do think it’s probably only a matter of time before we break to the upside. Dollar cost averaging continues to be what most people I know are doing.

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