Bitcoin Price Outlook – Bitcoin Continues to Drift Overall

Bitcoin Technical Analysis

Bitcoin rallied ever so slightly in the early part of the Monday session. But quite frankly, we just don’t have a lot of momentum right now. That’s probably not a huge surprise considering that there are no real large economic announcements out there to be had. And of course, it’s summer. So, Wall Street is basically doing nothing. While I know the true believers in Bitcoin don’t like to hear this, the reality is that Wall Street controls Bitcoin. Now they do it through massive ETFs that go into the spot market and buy coins.

So, with that being said, and the fact that Wall Street’s so quiet, it’s difficult to imagine a scenario where Bitcoin suddenly takes off, as there just isn’t anything to get overly excited about now. There are still a lot of questions when it comes to the Federal Reserve and monetary policy out of the Federal Reserve is one of the main reasons we even have Bitcoin.

So, with that, I think you have to look at this as a situation where we’re just killing time. We’re hanging around the 50 day EMA. And if we break down from here, we could even go looking to the $110,000 level, an area that is a large, round, psychologically significant figure, and previously had been resistant. So, it would make a little bit of sense that it could be support here.

But ultimately, I’m not bearish on Bitcoin. I just think we don’t have a whole lot of momentum at the moment, and it might be an accumulation phase for some of you. I’m just not looking for big moves yet. We need to break above the $120,000 level with some type of momentum. If and when we get that, then I think we will move to the $130,000 level next. But at this point in time, again, I think we’re just in a wait and see pattern.

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