Bitcoin Price Outlook – Bitcoin Continues to Look Sideways

Bitcoin Technical Analysis

Bitcoin has fallen a bit during the course of the early hours on Monday as it looks like the $90,000 level is trying to hold things up. There is a significant support level between $92,000 and $88,000, and it looks like the buyers have come back in and purchased a little bit of Bitcoin early in the session. After, of course, falling from the $95,000 level. You can make an argument for this market, perhaps breaking down a bit.

If we continue to go lower, especially if we break down below the $88,000 level, because it would then have formed a head and shoulders that kicked off. At that point, I would anticipate Bitcoin going down to perhaps the $74,000 region, which was significant resistance. Previously, it should now be significant support. On the other hand, if we turn around and break above the top of the candlestick for the trading session, then I think the market goes looking to the $100,000 level yet again.

All things being equal, I think Bitcoin is pretty neutral at the moment, even though it does look like it’s slumping a bit and I don’t expect this to be some type of massive correction. What I’m looking at is a market that’s trying to digest gains that came in two huge bursts in 2024, and also a market that’s fighting with higher interest rates, just like anything else risk related is. So probably stagnation, maybe a little bit of a slump here, but in the longer term the outlook remains the same.

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