Bitcoin Price Outlook – Bitcoin Continues to Find Buyers on Dips

Bitcoin Technical Analysis

Bitcoin initially did pull back just a bit during the trading session on Friday, but as we have seen over the last couple of days, there seems to be a significant amount of buying pressure underneath. The $90,000 level underneath is likely to continue to be important, as it was a previous resistance level, as well as support going back a few months ago. Furthermore, Bitcoin does seem to love these large, round, psychologically significant figures. So, all of that being put together, I do think that the $90,000 level, of course, will remain a focal point.

That being said, we are hanging around the $94,000 level at the moment, which has been important in the past. If we can rally from here, and it certainly looks like a lot of people are trying to push Bitcoin higher, then Bitcoin could go looking for a move to the $100,000 level. This is a market that I think continues to see a lot of volatility, but quite frankly, it is interesting that we are seeing a bit of a pickup here in Bitcoin as the stock markets are trying to come back to life as well.

Remember, Bitcoin is pretty far out on the risk spectrum, but it is worth noting that a couple of weeks ago, we had seen Bitcoin stabilize while Wall Street was on fire, essentially. So, this tells me that perhaps the majority of the selling is now over. And therefore, you are looking for short-term pullbacks to take advantage of in this market, as we will probably try to get to the $110,000 level eventually. It may take some time to get there. I don’t think we’re just going to shoot straight up in the air. But that seems to be the general direction.

For a look at all of today’s economic events, check out our economic calendar.