Bitcoin Price Outlook – Bitcoin Pulls Back a Bit in Early Trading

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Thursday as we are starting to give back some of those massive gains that we had seen on Wednesday as part of a relief rally when it comes to the tariffs being lifted by Donald Trump, or at least paused is probably the better way to put it. With that being said, I think you have to understand that a lot of traders out there are probably covering shorts. And, of course, some people are just celebrating the risk on behavior.

So, with this, I believe that Bitcoin probably pulls back a bit from here, which you would anticipate. But I still think that we are very much in the same range and I believe that the $75,000 level will continue to be a massive floor. Near the $85,000 level, we have the 200-day EMA and the 50-day EMA starting to approach, and they look like they’re ready to cross, kicking off the so-called death cross.

I don’t necessarily pay too much attention to that, but I recognize that the market is likely to end up seeing this, and even if it does, quite often this is a false signal. I don’t really put too much interest in that. Longer term, I think we’re just stuck in a consolidation range, and we are trying to sort out whether or not we have enough momentum and risk on behavior to drive Bitcoin back towards the $90,000 level. Anything above there would be very bullish, but right now I think the best case scenario is that we simply go sideways in the same range.

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