Bitcoin Price Outlook – Bitcoin Looking to Bounce?

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Friday but then turned around to show signs of resiliency again. Quite frankly, this is a market that had attempted to get above the crucial $74,000 level, which was essentially the all-time high, but pulled back to show signs of exhaustion, and quite frankly, I think we got there a bit too quickly, so this does make a certain amount of sense, and therefore, this pullback could very well be thought of as a potential buying opportunity.

The $70,000 level, of course, has a certain amount of psychology attached to it, but it’s been sliced through a couple times now, so I don’t know that it’s the be-all end-all of support. If we do break down from here, it’s likely that the market could go looking to the $66,000 level, which also features a 50-day EMA, an indicator that a lot of people will be looking to for guidance. Either way, I don’t really see a situation where you want to get short of the Bitcoin market, because quite frankly, it does look like eventually we will break out.

Furthermore, it’s a Wall Street toy now. It’s an ETF. So, a lot of people will be looking to get involved from time to time, and it’s much easier for institutions to offer this to their clients. So, it is a net positive and bullish turn of events, but it also dampens down some of the volatility. So, we’ll have to wait and see how that plays out. But either way, dips probably are going to be buying opportunities.

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