Bitcoin Price Outlook – Bitcoin Gives Up Early Gains in Quiet Trading

Bitcoin Technical Analysis

Bitcoin initially tried to rally a bit during the trading session on Friday but gave back gains as soon as we got close to the 200 day EMA. The 200 day EMA currently sits right around the $85,000 level, so it is worth paying close attention to this area. If we were to break above there, then the market could go looking to the $90,000 level, which obviously has been a major resistance barrier recently and before that major support. So, I would expect a lot of market memory in that area.

All things being equal, this is a market that I think continues to see a lot of noise between the $90,000 level above and the $75,000 level underneath. Bitcoin is going to need more risk appetite to really get going to the upside, and right now, it just doesn’t look like we are going to see that anytime soon, so patience will be needed.

All things being equal, this is a market that I think continues to see a lot of questions asked of whether or not more money is going to flow in because quite frankly, Wall Street has been falling apart, and Bitcoin is essentially an ETF now. That being said, the one really bullish thing is that it hasn’t melted down while everything else has. So maybe that’s the beginning of something, we’ll just have to wait and see. But right now, it’s more neutral than anything else. So, if you like Bitcoin, this is an accumulation zone.

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