Bitcoin Price Outlook – Bitcoin Continues to See Supportive Action

Bitcoin Technical Analysis

The Bitcoin market rallied just a bit during the early hours on Thursday as we continue to see a lot of noise, but ultimately this is a market that is approaching the top of a larger consolidation area. This market has been important multiple times for risk appetite sentiment. And I think that is going to continue to be the case as Bitcoin is pretty far out on the risk spectrum. That being said, the ETF is now controlled by Wall Street, and this means that they will do what they can to dampen volatility, as it won’t be good for business. Long gone are the days of 15% gains being a regular feature of this market.

If we can break above the $74,000 level, then I do think the Bitcoin continues to go higher. What I find interesting though is that the market participants have been a little reluctant to jump into the Bitcoin market. Perhaps maybe we just needed 10 months to digest the gains after the ETF was announced, but in an environment where the Federal Reserve is cutting rates, you would anticipate at least that Bitcoin would be doing better.

Short-term pullbacks I do think continue to get bought into, so I would pay close attention to the 50-day EMA and the $62,000 level for areas that could be thought of as cheap. I’m not expecting massive moves in the short-term though. I think we’re just stuck in this greater range, and at this point, if you are a rangebound trader, this could be a good market for you.

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