Bitcoin Price Outlook – Bitcoin Continues to See Troubles

Bitcoin Technical Analysis

The Bitcoin market has rallied ever so slightly during the early hours on Wednesday, but we find ourselves just bouncing around in the same consolidation that we have been in for a while. Because of this I think you have to look at this through the prism of a market that is still trying to form some type of accumulation pattern, and therefore, I don’t really see a whole lot out there but, really as far as opportunities are concerned, I think you’re stuck with accumulation, assuming that you’re a longer-term holder. If you’re a trader of Bitcoin, these are tough days.

The area right around $75,000 underneath could be massive support and so far, has been held. But I also see the 200 day EMA currently near the $85,600 level as being a bit of a barrier as well. If we were to break above there, then you might see a run towards the 50 day EMA and the $90,000 level, which is essentially the same spot on the chart. Keep in mind that later during the day on Wednesday, we will have a Federal Reserve meeting and Jerome Powell will have a press conference.

If he suggests that the Federal Reserve is going to get dovish all of a sudden, then maybe that helps Bitcoin. But as things stand right now, there’s just too much uncertainty out there for Bitcoin to truly take off and thrive in this environment. Remember, you need a lot of risk appetite to get this thing going, and right now, there just isn’t any.

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