Bitcoin Price Outlook – Bitcoin Swoons After Iran Airstrikes

Bitcoin Technical Analysis

The Bitcoin market is hanging out just above the $100,000 level, a large, round, psychologically significant figure that a lot of people will be paying attention to quite closely. We formed a hammer from the previous session, so I think if we break down below the bottom of it, then Bitcoin could correct all the way back down to the 200-day EMA.

The 50-day EMA is sitting just above current pricing, and therefore I think it could offer a little bit of resistance, but we are still technically holding the same consolidation area that we have been in since the beginning of May, the $100,000 level being the bottom and the $110,000 being the top of that range. If we were to break down, I don’t necessarily think that changes the trend. I think it just shows that there isn’t enough demand to push Bitcoin higher, at least at the moment.

Longer term, I’m pretty sure we will eventually go higher, but Bitcoin is very sensitive to risk appetite and with everything that’s going on in Iran at the moment, it’s got the market a little bit nervous. So, despite the fact that we did recover quite nicely, we are still in a situation where headlines could cause issues for Bitcoin. As I look around the markets right now, heading into the New York session on Monday, it does look like risk appetite is at least trying to make a comeback. So that bodes well for Bitcoin as well. We are in an area where you would expect buyers to step in and try to contain in the previous range.

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