Bitcoin Price Outlook – Bitcoin Continues to See Consolidation

Bitcoin Technical Analysis

Bitcoin has gone back and forth over the last several days and Wednesday has seen more of the same sideways action. Quite frankly, Bitcoin got a little bit ahead of itself and now I think we are just simply digesting the latest move higher. It is a Wall Street ETF now, and that’s something that you can’t forget. That also means that there is going to be some type of floor in this market just waiting to show itself. Because of this, I think the markets will continue to see this as a potential value play every time we drop.

All things being equal, I think you have to also recognize that the $90.000 level is an area that has shown itself to be somewhat important recently, but even if we were to break down below there, I believe that the $80,000 level becomes important also. For what it’s worth, the 50-day EMA is closer to the $84,000 level.

So, everything points to a very bullish market, but this could be very similar to the last move we had higher, where Wall Street got a ETF. We shot straight up in the air and then did nothing for months. I don’t know if it’ll be as long this time, but keep in mind, this was mainly a reaction to the US elections. So now we’re looking for another catalyst or fundamental reason for Bitcoin to take off. In the meantime, I think dips continue to offer value that people will be paying close attention to and taking advantage of.

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