Bitcoin Price Outlook – Bitcoin Looking Stable in Early Wednesday Trading

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the early hours on Wednesday as we are attempting to stabilize. It looks at this point as if the 75,000 level continues to be a very important place to watch as potential support as it was pretty significant resistance previously. With that being said, we also have the 200 day EMA sitting just above, which could cause a little bit of trouble. If we were to break above the 200 day EMA and then continue to see momentum, $90,000 would be the next target as it was previous support.

Keep in mind that Bitcoin is struggling a bit these days as there are a lot of concerns about the global economy and therefore there’s a lot of “risk off” sentiment. This will eventually disappear and once it does, the Bitcoin market should recover quite nicely.

Nonetheless, this is a market that I think will be very noisy, but I think sooner or later, around the $75,000 level, we will have found that the market was, in fact, forming a little bit of a base. The run higher after the Trump election has pretty much been wiped out, which does make a certain amount of sense considering that the United States recently announced a crypto reserve strategy, but unfortunately, it was going to use seized Bitcoin, not newly purchased Bitcoin.

So that obviously won’t affect the price in general. That being said, when you look at the charts longer term, we are still very much in an uptrend. It’s been a pretty disastrous move over the last month or so. But at the same time, a lot of long term investors use this as an opportunity to buy more.

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