Bitcoin Price Outlook – Bitcoin Continues to See Supportive Action

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit in the early hours on Monday, but it looks at this point in time as if we are trying to do everything we can to press against a major resistance barrier. Because of this, the market is likely to continue to see a lot of noise, but ultimately, I think short-term pullbacks are probably going to end up being buying opportunities. With that being said, the $66,000 level underneath, I think is short-term support, and then followed after that, you have the 50-day EMA, which is closer to the $64,000 level.

On the upside, if we can break above that crucial $70,000 level, it is a psychological victory that people will be paying close attention to. I think we will start to talk about the possibility of having just formed the biggest massive, rounded bottom that I’ve seen in a while. Maybe it’s more or less a continuation pattern, but we’ll have to wait and see if that is true in this case.

The biggest problem with Bitcoin at the moment is that nobody really knows how this is going to go. It’s now an ETF essentially, and that of course could cause some major problems. With that being said, I do think it still remains buy on the dip. I certainly don’t want to short this market, but momentum isn’t exactly strong here either. So, it’s a bit of a mixed bag. It’s become an ETF on Wall Street. So, it’s more or less a longer term investment.

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