Bitcoin Price Outlook – Bitcoin Continues to Grind Higher in Early Wednesday Trading

Bitcoin Technical Analysis

The Bitcoin market rallied slightly in the early hours on Wednesday, as it looks like we are going to continue to pressure the upside. That being said, I think short-term pullbacks will more likely than not continue to attract a lot of attention. And I think at this point in time, you are basically looking at a massive consolidation area that we are probably going to be in for a while. Because of this, I look at the $90,000 level underneath as a major support level with the 110,000 level-ish to the upside as a ceiling.

Ultimately, I think this is going to look a lot like the majority of the 2024 year as we had really struggled to get any gains after a massive shot higher. We have to work on some of that excess froth and I think this does make a certain amount of sense. Because of this, I prefer to buy dips and simply take my time building up and accumulating at this point. If we were to break down below the $88,000 level, we could drop down to $75,000. But right now, it doesn’t look like the market’s that interested in doing it. I think we’re just spinning our wheels here. And as a result, it is a time to accumulate, not necessarily a time to overthink it.

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