Bitcoin Price Outlook – Bitcoin Continues to See Pressures

Bitcoin Technical Analysis

The Bitcoin market has fallen rather hard in the early hours here on Monday, dropping to the crucial 50 day EMA. The 50 day EMA, of course, is a major indicator that a lot of people will pay close attention to. And it’s probably worth noting that we are hanging around the $115,000 level. So, I do think we have a situation where a certain number of people will be looking at this through the prism of whether or not this psychological level can hold. If it can’t, then I think we probably will drop to $112,000, possibly even as low as $110,000, where we had seen a lot of support previously.

One thing’s for sure, Bitcoin looked like it was ready to take off to the upside and it’s just gotten beaten down since then after trying to take out the crucial $120,000 level. This is a bit of an ugly turn of events, but I don’t think it necessarily means that you should be short of this market. I think it more or less demonstrates how there just isn’t enough momentum, nor is there enough conviction that the Federal Reserve is going to come out and start slashing rates to drive Bitcoin higher. It’s still a bullish market, but it’s a market that you probably need to see pick up a little bit of strength, confidence, and momentum before you put money to work. I’d be on the sidelines at this point and just let the market tell you when it’s time to start buying again.

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