Bitcoin Price Outlook – Bitcoin Continues to See Buyers Despite Selloff

Bitcoin Technical Analysis

The Bitcoin market did drop quite a bit during the Wednesday session, but on the Thursday session, it looks like we are turning things around. The $100,000 level has attracted enough attention to keep the market afloat, and now we have bounced $2,000 from there, roughly. At this point, I think we’ve got a situation where markets continue to look at this through a buy on the dip type of scenario and despite the fact that the Federal Reserve rattled the markets, on Wednesday, the reality is that Bitcoin is attracting a lot of hot money, and I think that’s just more of the same here early on Thursday.

I have no interest in shorting this market and I do think that given enough time, we have more than enough interest to push this toward the $110,000 level. Even if we broke down from here, I see plenty of support near the $95,000 level, and then again, the 50 day EMA near the $92,000 level. I expect to see a lot of volatility and choppiness, but almost all of the interest in this market is to the upside. The volume isn’t quite as strong as it was about a month ago, but it’s also worth noting that we are heading into the holidays, so a lot of institutions might not be as involved. Ultimately though, I think we get plenty of value hunting here and it is probably only a matter of time before we reach the highs yet again.

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