Bitcoin Price Outlook – Bitcoin Continues to Pull Back From Top of The Range

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Wednesday as we continue to see a lot of noisy behavior. At this point, I do think that we are pulling back from the top of the larger consolidation area that we had been in since February after the Wall Street ETF came out. All things being equal, this is a market that given enough time will find buyers, but we may have to fall quite a bit to find them.

The 50-day EMA currently sits right around the $63,500 level and is rising. So, I think that is a situation where that should be significant support from a technical analysis standpoint. Underneath that, then we have the $62,000 level and the crucial $60,000 level, which of course is a large round psychologically significant figure, and the 200-day EMA.

In general, this is a market that I believe is still trying to build up the necessary momentum to finally break out, but it’s been the better part of a year and we’re still waiting for Bitcoin to do something. I think at this point in time it’s just going to be more of the same, so it probably again will be a buy on the dip situation, but until we drop a bit, I don’t think it’s going to be a market that you want to jump in with a huge position.

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