Bitcoin Price Outlook – Bitcoin Continues to See Rectangle Pattern

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Thursday as we continue to see the 50 day EMA offer resistance. That being said, I think the market continues to be one that’s basically just consolidating and trying to figure out where to go next. At this point, the $90,000 level underneath is support, and I believe that support extends to about $88,000. I think it’s more or less a zone of support, if you will.

The 200-day EMA starts to approach that area here fairly soon. So, I think that holds up quite nicely. On the ceiling, we have the $110,000 level, which doesn’t look like it’s going to get broken very soon. Keep in mind that we’ve had a couple of big moves during the previous year, followed by sideways and choppy consolidation.

The first move, of course, was when Bitcoin got its own ETF on Wall Street, but then did nothing for a minute. And by a minute, I mean six months. After that, Donald Trump got elected, everybody got excited because he’s pro crypto, and then since then we’ve done nothing. This might be the new pattern for Bitcoin, we just don’t know. At this point, it looks like we are just sitting around and waiting to see whether or not the US government is going to do anything about regulation. So far, they haven’t, but in all fairness, it really hasn’t been that long. It’s been like four weeks since Donald Trump took office. So, we’ll have to wait and see. Most traders I believe at this point in time are just simply accumulating on dips. I know that’s what I’ve been doing.

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