Bitcoin Price Outlook – Bitcoin Continues to Find Buyers

Bitcoin Technical Analysis

The Bitcoin market rallied a bit in the early hours here on Tuesday as we actually broke as high as $97,000 before pulling back just a bit. This was preceded by a massive hammer on Monday, so technical traders probably jumped all over this. Quite frankly, Bitcoin is in a situation where it looks a lot like it did during the middle of 2024, where we just consolidated in very noisy action. I think we’re entering another one of those phases.

A lot of traders out there are probably waiting to see what Donald Trump and his administration will do about crypto, because they are expected to be very pro crypto, but being pro crypto and actually doing something, that’s two different propositions. So, with this, I remain optimistic on Bitcoin, but it’s not really easy to trade at the moment. I think it’s more or less something you need to be looking at through the eyes of an investor. Short-term pullbacks offer opportunities to accumulate a little bit more before we finally break out to the upside.

That being said, if we were to break down below the $88,000 level, then I think it opens up a move down to $74,000. But right now, it doesn’t really look like it wants to do that. I think we’re going to repeat what we saw earlier this year. And as you know now, had you been accumulating during this time frame, it would have worked out quite nicely. I think that’s how Bitcoin’s behaving. Of course, $90,000 would be the beginning of the floor. $100,000 is basically fair value, and $109,000 is your ceiling at the moment.

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