Bitcoin Price Outlook – Bitcoin Continues to Stabilize Despite the World Crashing

Bitcoin Technical Analysis

Bitcoin has rallied pretty significantly during the trading session on Friday in the early hours as we continue to see more buy on the dip mentality. That being said, I think this is also a market that you have to be very cautious with because quite frankly, risk appetite is something that’s desperately needed for Bitcoin to really take off. It looks at this point in time as if the $75,000 is the floor and the $90,000 level above is the ceiling.

We also have the 200 day EMA and the 50 day EMA between here and the $90,000 level, basically centering on $85,000. So that is something worth paying attention to as well. Ultimately, I don’t think this is a market that you really can get too aggressive with right now. And I think most people, quite frankly, are probably just dollar cost averaging their position. They’re buying little bits and pieces, expecting Bitcoin to go much higher eventually once all of the financial chaos ends. Right now, it looks like the risk appetite just isn’t going to be there to drive this market much higher.

But what I will say, and I’ve said recently, it’s a bit surprising how Bitcoin has held up fairly well when you’re seeing things like the NASDAQ dropping four and five percent a day. So, maybe there’s a signal in that, we’ll just have to wait and see, but clearly, it’s somewhat holding its own. Granted, it did sell off previously, and maybe that’s why, but the fact that it doesn’t seem to be influencing it too much anymore is probably a good sign.

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