Bitcoin Price Outlook – Bitcoin Continues to See Buyers on Dips

Bitcoin Technical Analysis

Bitcoin has rallied ever so slightly in the early hours on Wednesday as it looks like it is trying to do everything it can to bounce. Ultimately, though, this is a market that continues to be more noise than anything else. And with that being the case, I suspect we have a situation where traders continue to look at the $100,000 level as a bit of a magnet for price. Although I don’t necessarily think it has the same effect on the market as it did previously. We’ve just sliced through it too many times.

So, with that being said, I believe that we’ve got a situation where buyers come in on every dip and take advantage of value on these charts. The $90,000 level underneath continues to be a massive support level. And with that, as long as we stay above there, it’s likely that we will continue to see sideways with more of an upward tilt until we eventually get some type of catalyst to break the $110,000 level.

Even when that happens, then you’ve got a situation where the market could really start to take off, probably gaining another 20,000 based on the measured move of the consolidation, possibly more. But at the end of the day, the real story here is that most of you out there in the longer term phases of investing in crypto and Bitcoin are just simply looking to buy dips and accumulating more.

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