Bitcoin Price Outlook – Bitcoin Continues to See Upward Movement

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the course of the trading session on Wednesday, but we are still stuck just below the 50 day EMA. The 50 day EMA sits just below the crucial $90,000 level, which of course is an area that previously has been pretty significant support. With that being said, if we can break above that, then I think it truly opens up a road to much higher pricing. Pullbacks at this point in time should continue to be very important to pay close attention to because it could be turning into a buy on the dips market.

We aren’t quite there yet where I would say that the momentum is ready to shift in the other direction, but we are definitely starting to show signs of it. I accumulate on short-term dips, so for me, it is actually better that we go sideways for longer.

However, I do recognize that if we were to break cleanly above the $90,000 level, then I think you’ve got a real shot at this market that really captures a lot of FOMO attention. And then the next thing you know, we’re racing higher. If we pull back from here and break down below $75,000, that would be a completely different story, obviously.

But right now, I think the real threat of that happening has dissipated quite drastically. It’s also worth noting that GameStop stocks said overnight that they were going to start adding Bitcoin to their treasury. So, it’s yet another reason that people may be jumping into this market. I’ll be a nonsensical one, but it does tend to bring a certain type of trader into the market as well. So, keep that in mind.

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