Bitcoin Price Outlook – Bitcoin Continues to Struggle Near Top of Range

Bitcoin Technical Analysis

The Bitcoin market has drifted a little bit lower in the early hours on Tuesday as we continue to see a lot of choppy behavior towards the top of the overall range. All things being equal, this is a market that I think given enough time will find value and people will continue to go higher. Whether or not we can break out to something significant remains to be seen, but I would keep an eye on the $70,000 level.

The $70,000 level of course is a large, round, psychologically significant figure, and that of course will attract a certain amount of attention in and of itself. If we were to break above there, then we’ve got 73,000 to pay attention to, as well as 74,000. Short-term pullbacks, I think, continue to offer plenty of value. And I believe that the 50-day EMA sitting near the $64,000 level will end up being supportive as well, right along with the $62,000 level.

So, I think if we do get a pullback, it’s just going to end up being a buying opportunity. I don’t necessarily think it’s going to be where you’re looking for cheap coins here. I don’t think that Bitcoin’s going to break down significantly anytime soon. I just don’t know if it’s got anywhere to be. So, if you are going to be involved in this market, you are looking to take advantage of value when it appears.

It is a range-bound market going all the way back to February, and there’s nothing on this chart, at least not yet, that suggests that we are going to break out quite yet. But what I do see is that we are tilting to the upside.

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