Bitcoin Price Outlook – Bitcoin Continues to Look for Momentum

Bitcoin Technical Analysis

The Bitcoin market has rallied a little bit during the trading session on Monday in the early hours as we are dancing around just below the 200 day EMA. The market has been in pretty choppy action over the last couple of sessions, with the 200-day EMA offering a bit of technical resistance above and the $75,000 level underneath offering a pretty significant support level based on market memory. After all, the $75,000 level is an area that previously had been resistant. This could bring in some “market memory” in this area, and therefore you need to be aware of this.

And with that being said, the market is likely to continue to look at this as a potential bottoming pattern. If the market were to break above the 200 day EMA, it does open up the possibility of Bitcoin going back to the $90,000 level. But right now, I think we’re probably more or less looking at a situation where we are just going back and forth, trying to sort out whether or not the risk appetite comes back into play.

The market is, of course, reacting to the lack of overall risk appetite. And I think that continues to be a problem for Bitcoin. I would expect choppy volatility. I might even expect a little bit of a buy on the dip mentality here. But right now, the one thing we just don’t have is a whole lot of momentum to the upside, and this will continue to be an accumulation area at best.

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