Bitcoin Price Outlook – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

The Bitcoin market has rallied ever so slightly in the early hours on Friday, but really at this point in time we are simply hanging around in the same consolidation area that we have been in for a while. The 50 day EMA above continues to offer a bit of resistance. And of course, we also have the $100,000 level that we need to be cognizant of as well. It’s essentially fair value as the larger consolidation area continues to be between the $90,000 level on the bottom and the $110,000 level on the top of the range in this area.

All things being equal, this is a market that I think is still bullish longer term, but we are waiting to see whether or not the Federal Reserve will loosen this monetary policy, as well as waiting to see whether or not the US government is going to regulate crypto into a little bit more legitimacy. That is why we rallied last time because Donald Trump won the presidential election. And of course, it is a pro crypto administration and power.

That being said, we haven’t seen anything that really come out in the legislation yet, but if and when it does, that will probably be a huge bonus for Bitcoin. In the meantime, short-term pullbacks I think continue to get bought into as traders are buying little bits and pieces of Bitcoin and accumulating for the next potential run higher.

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