Bitcoin Price Outlook – Bitcoin Continues to See Buyers on Dips

Bitcoin Technical Analysis

The Bitcoin market continues to go back and forth, but I think at this point in time, we have a scenario where traders are looking at this through the prism of, whether or not we can build up enough momentum to finally break above the $110,000 level. The $110,000 level of course is an area where a lot of people have pulled back and taken profit, but I do think it is probably only a matter of time before we see the market break above there and really take off to the upside. With this, I think you also have to recognize that market participants continue to look at the $100,000 level underneath as a significant support level and then again, at the $90,000 level.

Quite frankly, this is a scenario where I think you just have to believe that sooner or later, they will break out and the momentum will just take off. We have been consolidating for a while, but for what it is worth, volume is starting to pick up just a bit, and that’s something you should be paying close attention to. I do think Bitcoin will break out eventually. The question is, we need some type of catalyst, and what that is, I don’t know. It probably comes in the form of something either Trump says, or the government does, because we are in a bit of a holding pattern to see what a new pro crypto administration is actually going to get done.

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