Bitcoin Price Outlook – Bitcoin Continues to Wait

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit in the early hours on Tuesday as we continue to see a lot of questions asked about whether or not it can continue to the upside. With that being said, I think the market is likely to continue to see a lot of back and forth in this general vicinity, with the $93,000 level offering short-term support. I think that there’s even more support underneath near the $90,000 level where the 50-day EMA currently resides.

The $90,000 level, of course, was an area that had been important more than once as resistance and now should offer quite a bit of support. In fact, in the past, it has been support. So really, I would expect to see a lot of market memory in that neighborhood. The market continues to pay close attention to risk appetite. And of course, risk appetite is very waning at the moment as we just don’t really know what to do with ourselves.

Ultimately, I do think that Bitcoin will break to the upside, but the main question at this point isn’t so much as to whether or not it will happen, but whether or not we need the pullback first or if we’ll just take off to the upside. I suppose either is completely possible, but right now we’ve got a situation where everybody’s just on hold, if you will. We have an FOMC meeting on Wednesday, which could have a major influence on how people think about the market and the overall economy going forward.

But as things stand right now, it looks very much like a market that just doesn’t have enough confidence to throw a lot of money into Bitcoin. So, I remain bullish. I just recognize that we probably need to get another catalyst before really throwing money into a riskier asset structure such as this one.

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