Bitcoin Price Outlook – Bitcoin Continues to Look for Buyers as it Stabilizes

Bitcoin Technical Analysis

The Bitcoin market has been fairly quiet, but slightly positive during the early hours on Tuesday, which is actually a good sign because quite frankly, the massive sell-off and then forming a hammer for Monday really caught my attention as we tested the 50-day EMA. If we can break above the high of the Monday session, then I suspect that the market would continue to go looking at the $110,000 level. Anything above there kicks off the next leg higher, and I do think it happens given enough time. This is a bigger move just waiting to happen, but where we are right now, I think it is in the midst of consolidation, just like we were for most of 2024.

We’re now looking for the next catalyst to go higher and as a result, we’re just in a holding pattern. I’ve been accumulating on short-term dips, I suspect a lot of people have out there, as we wait to see what the United States is going to do as far as being pro crypto. We know that the Trump administration is by far the most pro crypto administration we’ve ever had. But at the same time, nothing really happened yet. So, I think we’re more or less in a wait and see type of scenario.

If for some reason the Federal Reserve sounds somewhat dovish on Wednesday, that could be like rocket fuel for Bitcoin, but I don’t expect that to be the case. I think this comes down to the US government and just simply killing time, working off a lot of the froth from the move higher.

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