Bitcoin Price Outlook – Bitcoin Continues to See Trouble at 100k

Bitcoin Technical Analysis

The Bitcoin market has fallen rather significantly during the early hours on Thursday as the $100,000 level has been acting like a brick wall over the last week or so. Now, having said that, I think part of what you’re seeing here is a lot of digestion of massive inflows into the Bitcoin market, and now we have to get used to these higher levels. I believe that the 50-day EMA underneath offers support still, and then after that, you have the $90,000 level.

If we were to break down below the $88,000 level, then that opens up a move down to $74,000 again, which was the previous resistance. That would be a complete round trip from the breakout, and I would have to think that there would be people more than willing to jump in down there based on value. More likely than not though, what we are seeing is just a lot of churn, a lot of Brownian motion. We’re just not going anywhere, and we might even be carving out the next great consolidation range.

At this point in time, and with most people waiting for the holidays, I don’t read too much into the action and in fact, the volume is pretty anemic. So, while the $100,000 level does act like a brick wall, I do think eventually we probably break above it, but it might take more time than a lot of you are comfortable with. Understand that in the longer term, the market has rallied rather significantly, but we are so explosive in the growth here that a little bit of sideways action probably helps, despite the fact that we spent most of the years sideways.

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