Bitcoin Price Outlook – Bitcoin Continues to Grind Sideways

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Friday, as it looks like we continue to just bounce around the $100,000 level. Quite frankly, this is a market that I think is still very much stuck in consolidation, and I just don’t know what’s going to knock it out of consolidation. Currently, we are going back and forth between $90,000 on the bottom and $110,000 on the top. If that’s going to continue to be the case, then you have to assume that $100,000 will be your fair value point, which is exactly where we tested during the session.

I do think that short-term pullbacks continue to offer buying opportunities, but I also recognize that we may not be in a huge hurry to go anywhere. In this environment, I just simply accumulate more and more through small increments. Think of it more or less as a longer-term investment, or perhaps even a savings account.

If we were to break down below the $88,000 level, then I think we’re going to test the 200-day EMA for support. Anything underneath there probably opens up and move back to $74,000. Remember, Bitcoin is a risk asset, so we’ll have to see more risks taken out there for it to go higher. But another thing I think is starting to come into the view of traders is whether or not the US government will actually move forward with crypto regulation, as the Trump administration of course is very pro crypto. So far it’s been pretty quiet, but it’s also just been a couple of weeks.

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