Bitcoin Price Outlook – Bitcoin Continues to See Wild Swings

Bitcoin Technical Analysis

The Bitcoin market has found itself to be a little bit bullish during the trading session here on Wednesday as we are threatening the $90,000 level. This has been a significant turnaround, so it will be interesting to see what in fact does happen with Bitcoin. If we can break above the 50-day EMA, then I think that opens up a potential move to the $110,000 level. That being said, I think more likely than not, we are likely to see a lot of back and forth in this area, as the region between the 50-day EMA and the 200-day EMA indicators typically is a very noisy place, and that would make a certain amount of sense considering that the fundamentals are all over the place as well.

After all, we have to ask questions about whether or not the US dollar is going to continue to shrink. Is the Federal Reserve, in fact, going to start cutting again? Because if they do, that could lift Bitcoin eventually. And of course, adoption and everything else. Remember, this is an ETF now, it’s not a decentralized currency anymore. So therefore, it is going to move with the whims and desires of Wall Street.

Right now, it does look like Wall Street’s willing to step in and pick it up. The volume did definitely pick up in this latest bout of volatility. So, it is certainly worth watching. The $75,000 level underneath I think is a major support level and as long as we can stay above there, I think we still have to lean to the upside, but I also recognize that Bitcoin is going to be wild here in the short term.

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