Bitcoin Price Outlook – Bitcoin Continues to See Buyers on Dips

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Tuesday, but then turns around to show signs of life. And with this being said, I think you’ve got a scenario where traders are just simply killing time and trying to sort out where we are going next.

After all, market participants will continue to see a lot of demand every time we drop.But the question then becomes whether or not the market can finally clear the 104,000 level. The 104,000 level of course is a situation where, if we can break above there, then the market could go much higher. Short-term pullbacks, I do think you see a lot of support near $95,000 and then again at $90,000.

So, with that being said, I anticipate that you’ve got a scenario where, quite frankly, you have to look at this as offering value each time it dips. Now, will we break out soon? Maybe, maybe not. I think the next psychological hurdle will be the Federal Reserve meeting next week. So, we may have about a week’s worth of sideways action unless the CPI numbers really get the dollar moving.

But I think a lot of people are waiting to see what the Fed’s going to do as far as loosing monetary policy, because if they don’t do much more than the 25 basis points, they look like they aren’t going to. That is a hurdle for Bitcoin. Whether or not it stops from going higher is a completely different question altogether, but it is something to consider. But in the meantime, it just looks like buying on the dips continues.

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