Bitcoin Price Outlook – Bitcoin Stays Quiet in Early Hours of Wednesday

Bitcoin Technical Analysis

The Bitcoin market has been very quiet in the early hours of Wednesday as we wait for some type of momentum. The momentum, of course, could come late in the day via Jerome Powell and the FOMC press conference. And of course, that is something that traders will have to pay close attention to as it is an idea as to how loose monetary policy will be.

Loose monetary policy helps the Bitcoin market rally a bit, and in fact, it was the whole reason we got Bitcoin. So, we’ll have to see how that plays out. That being said, Bitcoin has fared fairly well over the last several weeks, despite the fact that there is so much uncertainty. And that is probably due in large part to the fact that there are a lot of institutional traders out there now.

If we can break above the $100,000 level, then it could open up the possibility of a move to the $110,000 level. If we pull back from here, the $90,000 level for me is the next swing support, and it’s also an area where we have the 50-day EMA. The $90,000 level has both been support and resistance, so I think market memory has a lot to say there. All things being equal, I do think Bitcoin goes higher over the longer term, and that’s probably the big takeaway here. Short-term pullbacks should be buying opportunities and therefore I think people will look at it as an opportunity to pick up a little bit of value every time we do pullback.

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