Bitcoin Price Outlook – Bitcoin Continues to See Consolidation Overall

Bitcoin Technical Analysis

Bitcoin has risen just a bit during the early hours on Thursday, as it looks like we’re just simply going to continue the overall consolidation that we’ve been in for a while. And ultimately, I think we are threatening the 50 day EMA for a potential short-term breakout. Now, that being said, it doesn’t necessarily mean that we are looking at a massive move to the upside. I think it just shows that we are still very much in the realm of trying to go back and forth in consolidation and sort out where we want to be next.

The market currently sees a lot of support underneath the $90,000 level, extending down to the $88,000 level. Rallying above the 50 day EMA could open up the possibility of a move to $100,000. And if we can break above there, then we could be looking at the $110,000 level, which is the top of the overall consolidation area. Anything above there has Bitcoin making its next major leg higher. But right now, I just don’t see that happening. I think one of the biggest problems is going to be the simple fact that there’s no real catalyst at the moment.

Recently, we’ve seen a major catalyst in the form of Wall Street getting an ETF and the market shot up to about $75,000 at that point and then went sideways. Donald Trump got elected, a well-known pro crypto administration entered the White House, and we shot it to about $110,000. Now we find ourselves just simply grinding away and now the question is going to be, what’s the next fundamental reason to go higher?

It will probably come from the US government, quite frankly. But right now, that is something that people are just waiting around on. And hence, we have a sideways market. I think that continues to be the case and those who are more long term inclined will look at these pullbacks as opportunities to accumulate a little bit bigger position.

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