Bitcoin Price Outlook – Bitcoin Continues to See Back and Forth Trading

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Thursday as we continue to see a lot of volatility in general. The market is hanging around the 200-day EMA, which of course is an indicator that a lot of people will be paying close attention to. We have flipped both below and above this level, and it does look quite a bit like fair value from what I can tell. We had a strong candlestick during the previous session on Wednesday as there were hints that perhaps the Federal Reserve could bail some people out before it’s all said and done. And that of course brings risk appetite up.

Remember, Bitcoin is all about risk appetite and really not about much more than that. Wall Street treats it like an ETF because quite frankly, Wall Street is pushing the ETF. So I think we’ve got a situation where traders are looking at this through the prism of a market that could eventually go looking to the $90,000 level, but I think it’s going to be very choppy and difficult.

In fact, I suppose that we are more likely than not to continue to see sideways action between roughly $75,000 and $90,000. That’s not uncommon for Bitcoin because it does tend to trade in a range for long periods of time and that’s been especially true over the last couple of years. With that being said, I do like the idea of buying dips, but I like the idea of accumulating for a longer term position, which is exactly what I have been doing.

For a look at all of today’s economic events, check out our economic calendar.