Bitcoin Price Outlook – Bitcoin Continues to See Pressures

Bitcoin Technical Analysis

The Bitcoin market is currently hanging around the 50 day EMA, which, of course, is an indicator that a lot of people pay close attention to. But below there we also have the $90,000 level, and I think that’s pretty much where the rubber meets the road, if you will. As long as we can stay above this little support area that is basically from $88,000 to the $92,000 region, I think Bitcoin will be fine, and it will just simply try to find some type of range or consolidation going forward after such a massive move to the upside recently.

If we break down below $88,000, then we could go down to $74,000, which was like a brick wall for most of the year, keeping the market in check. In that environment, I suspect there will be a lot of people out there more than willing to buy the dip. Keep in mind, the interest rates in America continue to climb and sooner or later, that’s going to cause problems for Bitcoin. The institutions, of course, get very skittish when rates start to fly the opposite direction of the Federal Reserve, and that’s exactly what we’ve seen. With that being the case, I think you’re going to see a lot of indecision here, but in the longer term, it’s still a very positive market.

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