Bitcoin Price Outlook – Bitcoin Continues to See Volatile Moves

Bitcoin Technical Analysis

Bitcoin continues to look at the 200-day EMA with a little bit of suspicion as we are trying to rally in the early hours of Thursday. Ultimately, this is a market that I think will continue to look at the $90,000 level above as important. And if we can get back above it, that would be a very strong sign. That being said, it is struggling overall. And I do think that’s something that you need to pay close attention to.

After all, Bitcoin is very sensitive to risk appetite and risk appetite has been a bit messy to say the least. It looks as if the US is slowing down just a bit; I also, through the study of leading indicators, expect that inflation is going to pick up a bit more.

So, it’ll be interesting to see what that does with Bitcoin price because the Federal Reserve may not be loosening as quickly as a lot of people hope. Even if we do continue to fall from here, I think there is a significant area of importance near the $74,000 level, as it was a major resistance barrier previously. And that would just make this a simple breakout, pull back, and retest type of setup that you get on a lot of breakouts.

On the other hand, though, if we do break above that $90,000 level, I will immediately start focusing on the 50 day EMA, which is nearly $96,000 above there as a potential target. Longer term, I still through conversations with colleagues understand that most people are just buying the dip anyway, and then eventually Bitcoin will bounce, but the question of course is when. This is why you don’t use a lot of leverage with Bitcoin.

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