Bitcoin Price Outlook – Bitcoin Pulls Back a Bit

Bitcoin Technical Analysis

The Bitcoin market found itself a little bit negative during the trading session on Thursday in the early minutes, but really at this point in time, the 90,000 level is still an area that I am looking at very closely. After all, the 90,000 level is an area that’s been support in the past as well as resistance. Furthermore, a lot of retail traders pay close attention to these big numbers. So, it does make a certain amount of sense that 90,000 would be important. 90,000 was also the top of that potential consolidation area that we have just broken out of. So, it’ll be interesting to see how this plays out.

If we break above the highs of the trading session on Wednesday, then I think it opens up a move toward $100,000. And while I do think that’s very possible, I think it probably takes a little bit of momentum or another reason to get Bitcoin going higher. I think in the short term we may try to validate the recent breakout and the potential support level in the form of $90,000.

If we were to break down below there, then the $85,000 level might be the target due to the 50-day EMA, as well as the 200-day EMA being parked there. This is a market that I think continues to try to go higher over the longer term. But as you can see, we’ve had a fairly decent pullback and now traders are trying to determine whether or not this pullback and bounce can send this market looking to the $110,000 level. And of course, breaking above there would kick off the next leg higher in the longer term uptrend.

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