Bitcoin Price Outlook – Bitcoin Continues to Look for $90,000

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Tuesday as we continue to reach toward the $90,000 level. The $90,000 level, of course, is a large, round, psychologically significant figure that a lot of people will be paying close attention to. But it’s also an area where we previously had seen support. Now resistance comes into the picture based on market memory in this same area.

I think we’ve got a situation here where we are taking a look at this and trying to determine whether or not we can break above there because if we do, that could very well lead back into the previous consolidation region and allow Bitcoin to eventually levitate toward the $110,000 level. I think ultimately what we also need to keep in mind with Bitcoin is that it is a risk appetite-influenced asset.

So, it is interesting to see that it’s held up fairly well considering all of the noise that’s out there right now. We are at a high probability area for a pullback, but I would not be a seller of this market. I’d be looking at dips as a buying opportunity, and quite frankly, that’s how I’ve been trading this. I’ve been buying little bits and pieces on the dip in order to build up my position in a “dollar cost averaging trade.” I have no interest in shorting this market, but I also recognize that this is a situation where the buyers are starting to flex their muscles.

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