Bitcoin Price Outlook – Bitcoin Continues to Watch 100k

Bitcoin Technical Analysis

The Bitcoin market pulled back a bit during the early hours on Monday as the $100,000 level continues to be a major barrier. At this point, if the market were to break down below $95,000, I think we are more likely than not to see a move towards the $90,000. That being said, I don’t think that’s as likely as just simple sideways action, which does make a significant amount of sense. After all, we had shot straight up in the air and we are continuing to pressure the upside, but there’s no new fundamental reason to get that excited. Until then, I think it will be a sideways market, and we will be just “killing time” until the momentum returns to Bitcoin.

Perhaps it’ll happen when there’s low liquidity or maybe during the holidays or whatever, but I do think that eventually we break higher, but we may have to have a reasonable pullback in order to attract more money. After all, we had gained about 130% for the year. That’s a bit much even for Bitcoin, despite the fact that there have been some major changes this year. With the pro crypto administration coming into DC in January, people got really excited again, but now we’re just in a wait and see pattern. For those who believe in Bitcoin long term, they actually enjoy this because they can accumulate more. If you’re looking to trade it, then you’re probably thinking more of a buy on the dip type of scenario.

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