Bitcoin Price Outlook – Bitcoin Continues to See Consolidation

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the course of the trading session on Friday in the early hours as we continue to hang around the $90,000 level. It’s probably worth noting that we are hanging around between the 200 day EMA underneath and of course the 50 day EMA above. With the market being right between those two, it typically will see a lot of volatility.

This makes sense because there have been a lot of questions about the United States crypto reserve being formatted and how it’s going to come to fruition. However, after the initial bullish surge, it was revealed that the Bitcoin that the United States would store would be seized Bitcoin from drug raids, those types of things. So, it doesn’t really move the market. It just moves ownership.

So, with that being said, now we start to focus on the overall economy, wether it is strengthening or weakening, whether or not the Fed Reserve might be cutting, and a whole host of other things. Now, I do think that a Bitcoin or, for that matter, crypto winner, but especially Bitcoin, will be a lot different than it’s been in the past, mainly due to the fact that there’s an ETF out there that institutions are now involved in.

At this point, we’re at a previous support level, it is offering resistance, and now we’re just waiting to see what happens next. I suspect once we break out of the range between these two moving averages, we might have a little bit more clarity as to which direction we go. To the upside, we could go to $100,000, followed by $110,000. On the downside, we could be looking at $75,000 if we break in that direction.

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