Bitcoin Price Outlook – Bitcoin Continues to See Interest

Bitcoin Technical Analysis

The Bitcoin market initially did try to rally a bit during the early hours on Thursday only to turn around and show signs of weakness. All things being equal, this is a market that continues to see a lot of noisy behavior and ultimately, I think we’ve got a situation where we are in the middle of a potential consolidation area with the $90,000 level underneath and the $100,000 level above as resistance.

When you look at this chart, it’s pretty obvious that we had shot straight up in the air once we broke above that $74,000 level, and now it would make a lot of sense if we just worked off some of that froth. Nonetheless, I do think that the next day or so probably will be a little quiet just due to the fact that the institutional traders in New York aren’t involved. That being said, if we pull back from here, the $90,000 level, I should say is support. And then after that, we have $80,000 where the 50 day EMA resides.

And quite frankly, I think a pullback to the $80,000 level would probably be healthy. But I think at the very least, you’re probably going to see some sideways action. When we do break above the $100,000 level, it’s likely that we will see a bit of FOMO trading and I suppose another shot higher of probably about $10,000 based on a measured move becoming consolidation here, as the market for Bitcoin continues to be a very technically driven market most times.

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