Bitcoin Price Outlook – Bitcoin Remains a Touch Slow on Thursday

Bitcoin Technical Analysis

The Bitcoin market has been back and forth during the trading session here on Thursday in what will be Juneteenth in the United States. So, keep in mind that Wall Street really isn’t involved. And that makes a certain amount of sense because we had shot straight up in the air for so long over the previous month or so, two months maybe, that a little bit of sideways action, working off some of the froth, if you will, makes quite a bit of sense as markets cannot go straight up in the air forever.

So really at this point in time, I think there’s still an underlying bias for traders to come in and pick up Bitcoin every time it dips. But I also recognize that there are a lot of questions about risk appetite in general. After all, you have to worry about the war in Iran and Israel. You have to worry about the conflict in Ukraine. You have to worry about trade wars. You have to wonder what central banks are going to do as the Federal Reserve still seems fairly hesitant to cut rates, something that typically would help Bitcoin. And of course, there are questions as to who’s left to buy at this point.

I really think the most important thing we can do here is go sideways and just build some confidence that the market is accepting this level. So far it looks like it is and therefore, if we do drop the $100,000 level it is probably an area where traders will be paying attention Followed by somewhere in the neighborhood of $95,000 if we can break out above the $112,000 level that allows Bitcoin to continue going higher Perhaps to the $120,000 level, but we’ll just have to wait and see in the meantime though. It’s just sideways action.

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