Bitcoin Price Outlook – Bitcoin Continues to Look Rangebound

Bitcoin Technical Analysis

The Bitcoin market has been fairly quiet in the early hours of Friday, as the market is still looking for some type of reason to get overly excited. I think at this point, we’re still very much in the consolidation phase, and that does make a certain amount of sense considering that we are just now on the other side of the holidays. And of course, there are a lot of questions as to what this pro crypto administration will actually do.

With Donald Trump taking the White House here in a couple of weeks and having a lot of pro crypto names with him. There had been a lot of excitement, but now we have to see what actually is going to get done. Having people who in theory love crypto as opposed to having people that are willing to actually implement some type of crypto policy are two different things. And now the market’s waiting to see what happens next. I still believe that the $90,000 level is support that extends down to the $88,000 level.

Above, we have the $100,000 level, which has been pretty stubborn over the last couple of weeks. And then after that, we have the $110,000 level, which would almost certainly attract a lot of attention. Overall, I think this is a situation where back and forth trading continues to be the main gist here as we accumulate. I anticipate that a lot of longer term traders are probably jumping in here and buying little bits and pieces of Bitcoin every time it drops.

So that does offer a certain amount of support. But if we were to break down below the $88,000 level, it opens up a move to return to the $74,000 level, which was the stubborn resistance from most of 2024. I would become a lot more aggressive in my buying down there. I don’t think that happens, but it is something that you have to keep in the back of your mind.

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