Bitcoin Price Outlook – Bitcoin Continues to Grind Back and Forth

Bitcoin Technical Analysis

The Bitcoin market initially did rally during the early hours on Monday, but it has given back some of its gains. At this point, it looks like a market that is trying to digest the big shot higher after the US election and determine where to go next. The $90,000 level seems to be a bit of a magnet for price. So ultimately, I think it makes a certain amount of sense that we’re hanging around this area.

On a pullback from here, we could go looking to the $85,000 level pretty quickly and really not change much. Anything below there could open up a more significant correction, perhaps all the way down to the $74,000 level, which previously had been such massive resistance that you would have to assume that the market memory would come into play, and it should be significant support. On the other hand, if we were to turn around and break above the $93,500 level, then I think it opens up a run toward the $98,000 level.

The reason I point out $98,000 is it is the measured move of the rounded bottom that we broke out of to get here in the first place. I understand that most people were going to think of this in terms of getting to $100,000 and we very well could, but at the end of the day, this is a scenario where traders are going to have to probably look for value if they get any opportunity. Keep in mind this is a Wall Street ETF now, so it’ll behave like an ETF. It’ll just attract inflows over the longer term.

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