Bitcoin Price Forecast – Bitcoin Continues to Look Rangebound and Lost

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the trading session on Tuesday in the early hours and as you can see, we are hanging around the 200-day EMA just below it. And I do think that we are in the midst of trying to consolidate between the 200-day EMA and the $75,000 level. If we were to break above the 200-day EMA, then we could open up a move to the $90,000 level as well as the 50-day EMA.

Keep in mind that Bitcoin needs more of a risk on type of attitude. And we are starting to see that a little bit, but I think we’ve got a ways to go before that actually could happen. All things being equal, we could be looking at this through the prism of an accumulation phase after we’ve dumped. But if we were to break down below the $75,000 level, then we obviously would have much further to go. At that point, we could be looking at the $60,000 level.

Anything above the $90,000 level, I think opens up the possibility of a move to the $110,000 level, but really, I think it’s going to take a lot to make that happen. The fundamentals just aren’t lining up at the moment, and as a result, I think we remain sideways for quite some time. We may be bouncing around in this range that we’re in now for the foreseeable future, but most Bitcoin aficionados that I know are buying little bits and pieces and just accumulating.

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