Bitcoin Price Outlook – Bitcoin Continues to Grind a Bit Higher

Bitcoin Technical Analysis

Bitcoin finds itself bouncing around between the 200-day EMA and the 50-day EMA indicators. This, of course, typically leads to some type of volatility, so I am very interested in watching Bitcoin at the moment due to the fact that we could have a fairly big move just waiting to happen. Just above the 50 day EMA, we have the $90,000 level, which of course is a large round psychologically significant figure and if we can break above there, then it opens up a move towards the $100,000 level. On a breakdown from here, we could see the 200 day EMA offers support, but if we break down below there, the $82,500 level could be your next target.

I do expect a lot of volatility, and you have to keep in mind that Bitcoin desperately needs some type of risk on behavior as traders will continue to treat it very much like a risky asset. Furthermore, you have to keep in mind that it is basically an ETF at this point, and Wall Street most certainly has a major influence on how this plays out.

With that being said, this is a market that I think given enough time, we will have to make a bigger decision. But keep in mind that we are still very much in the same consolidation area that we’ve been in for several weeks. So really not much has changed other than last week or two we’ve seen more upward pressure. The question at this point is, can we finally break above the $90,000 level?

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