Bitcoin Price Outlook – Bitcoin Continues to See Supporters

Bitcoin Technical Analysis

The Bitcoin market continues to see a bit of stability near the $69,000 level, an area that previously has been both support and resistance. And as this is going to be a huge week from the news cycle, it does make a certain amount of sense that traders are just kind of sitting here. We have the US presidential elections, which can have a major influence on what happens next with the crypto markets. And then of course we have the Federal Reserve interest rate decision, the RBA interest rate decision in Australia and the Bank of England.

So, these things all come together to give us a little bit of clarity, hopefully in the financial markets over the next several weeks or even months. Either way, when you look at the Bitcoin market from a technical analysis standpoint, it does look like a big, huge rounding bottom is about to kick off. That would be confirmed on a move above the $74,000 level, something that repudiated the market quite significantly last week.

So, this is definitely something that we need to watch. As things stand right now though, it does look like it’s more or less a buy on the dips market as people are building up positions again. The 50 day EMA is currently sitting right around the $66,000 level. And I think that is another major support level just waiting to happen. So, we’ll have to see how this plays out, but a little bit of patience probably goes a long way here.

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