Bitcoin Price Outlook – Bitcoin Continues to See Buyers on Friday

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Friday as it looks like we are in fact trying to break higher again. If we can continue to go higher just a bit from here, opens up the possibility of a move to the $108,000 level. The $108,000 level I believe has a significant amount of resistance attached to it that extends to the $110,000 level.

If and when we can break above the $110,000 level, then I think you have a good case scenario for a market that’s ready to break out and go much higher. I do expect that will happen sooner or later but right now we are still very much in the midst of consolidation. This could be another situation like where we had the bulk of 2024, where we just went sideways looking for some type of reason to go higher.

That might be the Trump administration, but quite frankly, them being crypto friendly and not doing anything are very real possibilities. So, I think what the market’s waiting on is whether or not there’s actually any real move towards cryptocurrency friendly legislation in America. If that’s the case, then that should send Bitcoin much higher. Otherwise, I think we’re just going to kill time in this range. Either way, I think most traders out there are probably accumulating at this point, in order to get in front of the next move higher.

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