Bitcoin Price Outlook – Bitcoin Continues to Struggle With Psychological Barrier

Bitcoin Technical Analysis

Bitcoin has gone back and forth during the course of the early hours on Monday as we continue to look at the $100,000 level as a bit of a barrier. The $100,000 level course attracts a lot of attention. It’s a nice, round, psychologically significant figure and it makes for good headlines. Whether or not $100,000 holds is unknown, of course, but there’s no reason to think that it will. That being said, it would not be overly surprising to see Bitcoin pull back a bit.

After all, we’ve seen a lot of momentum in a very short amount of time so it might be possible that buyers need to digest some of the gains. Somewhere near the $90,000 level I would suspect that we would have a lot of support followed by the 50-day EMA which happens to be at the $80,000 level. I have no interest in trying to short Bitcoin at the moment I think we aren’t quite to the cycle high yet.

But we are getting closer based upon the rhetoric that I’m starting to see on social media as “have fun staying poor” becomes a thing again. The reiteration of that phrase so far over the last 15 years or so has been remarkably accurate when the market is about to peak, at least for a while, and if it does, it’s not the end of the world. It’s just how this market trades.

Quite frankly, sooner or later, there is going to have to be some digestion. So, you don’t really want to see the thing go straight up in the air from here because that just means the crash will be harder. That being said, this is a market that it’s pretty much impossible to get in front of and start shorting, but if the market does pull back pretty significantly, that will attract a lot of value hunters. And I think that’s essentially what we could very well see here.

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