Bitcoin Price Outlook – Bitcoin Continues to Trade in a Range

Bitcoin Technical Analysis

Bitcoin has rallied slightly during the early hours on Tuesday as we are threatening the 50 day EMA. If we can break out above the $86,000 level, we could see more momentum be put into the Bitcoin market. We might even be able to reach the $90,000 level, which is an area that has been important multiple times and of course is a large round psychologically significant figure, which of course will attract a lot of attention.

If we do pull back from here, then I think you’ve got a situation where there is plenty of support underneath, but it may not really show up to $75,000. We are, I believe, in a bottom pattern, at least trying to form it. The question, of course, is whether or not it can actually hold. There is a lot of concern around the world when it comes down to the global economy and if it is a completely risk off environment, then of course, Bitcoin typically doesn’t do that well. That being said, it’s interesting that Bitcoin sold off the way it did and then just sat still while the NASDAQ was basically on fire.

So, I don’t know that the correlation has completely disappeared, but it seems like the Bitcoin market front ran the chaos in the NASDAQ and other indices. So, its stability might be front running the stability in those indices going forward. We’ll just have to wait and see. After all, the one thing that is completely different now is that Wall Street has an ETF with a ton of Bitcoin in it. So, the characteristics may be changing. Either way, in the short term, I think we’re still in the same range. I think short term pullbacks are buying opportunities for those looking to accumulate, but we’ll just have to wait and see.

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