Bitcoin Price Outlook – Bitcoin Continues to Look for Momentum

Bitcoin Technical Analysis

Bitcoin initially rallied just a bit during the early hours on Thursday, but it looks like the 50 day EMA is going to continue to offer a bit of resistance. If we can break above the 50 day EMA, then the market is likely to go looking at the upside, perhaps the $118,000 level. Furthermore, if we can get above there, the $120,000 level is an area that I think a lot of people will be looking at as a potential target, a potential barrier, but we have broken above it a couple of times now. So, I think it’s only a matter of time before it gives away.

The pullback during the day is not that big of a surprise. I think we’ve got a lot of questions when it comes to inflation and the US dollar and of course, risk appetite. So, with that being said, the $112,000 level continues to be important. And I think that support level drags all the way down to the $110,000 level at least. So, I look at this as more likely than not going to end up being a buying opportunity. We just need the proper bouts. We don’t really have it yet. And of course, volume is pretty anemic at the moment. Remember, as much as people hate to say it, Bitcoin is a Wall Street asset.

So, with that, the will move with ETF and the stock market. And that of course is an area where a lot of people are on vacation right now. So, this time of year, it is typically pretty quiet. Hence you have pretty quiet Bitcoin. I remain positive longer term, but I think we’re going to meander in this area before finally bouncing perhaps after the Powell speech. We’ll just have to see what he does with interest rate cut expectations.

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