Bitcoin Price Outlook – Bitcoin Continues to Do Little

Bitcoin Technical Analysis

The Bitcoin market continues to be very sideways. The market has been hanging just below the 50 day EMA as we are just doing nothing at the moment. And I think ultimately, you’ve got a situation where traders will have to look at this as a buy on the dip scenario with the $90,000 level underneath offering significant support. The 200 day EMA is racing towards that area as well.

So, I think all in all, you’ve got a situation where traders are going to be looking at this as a significant accumulation phase. Keep in mind that Bitcoin has rallied pretty significantly a couple of times in the last year, and for a couple of different reasons.

The first one, of course, was when the SEC had to approve the Bitcoin ETF, and the second one was when the pro-crypto Trump administration was elected. However, the Trump administration hasn’t done anything yet, so I think that’s why we are in this massive holding pattern. As things stand right now, most Bitcoin traders I know are just simply accumulating on the dips, building up a position, and then once it takes off, it takes off. It’s a longer term investment.

That being said, if we were to break down below the $88,000 level, I think we could drop all the way down to the $75,000 level, but I wouldn’t be too worried about it. I think there should be plenty of market memory in that area for buyers to come in and try to take advantage of cheap coins.

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