Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

Bitcoin has been lively and positive in the early hours on Thursday, it looks like we are ready to continue. That being said, the market is likely to see a little bit of hesitancy above, but at the end of the day, the market is probably going to try eventually to break above the $110,000 level. The $110,000 level, of course, has acted as resistance before, so it wouldn’t be a surprise to see us fail there again. And I do think that if and when, and I think the word is when here, we break above the $110,000 level, then Bitcoin goes much further. The question, of course, is whether or not we have the fundamental reason for Bitcoin to rally.

The trend obviously is to the upside, and we’ve seen a couple of jolts higher over the last couple of years based on the ETF and then of course the Trump administration coming in being much more pro crypto, but they really haven’t done anything yet, at least not of substance. So, I think the market is just waiting around to see if they, in fact will actually use crypto one way or the other.

The short-term pullbacks at this point in time should be considered buying opportunities, with the $100,000 level underneath being an area of potential support, especially now that the 50-day EMA is racing towards there, but I think support extends all the way down to at least $90,000. So, any pullback and a bounce, I think, is just more accumulation going forward.

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