Bitcoin Price Outlook – Bitcoin Reaches Towards the $100,000 Level

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Monday to touch the $100,000 level but you can see that this large round psychologically significant figure is of course offering quite a bit of trouble for the market. It has multiple times. While we did break through it for a couple of days, the $100,000 level continues to be very difficult.

I think if we do get a little bit of a pullback here, then it’s likely that we have a significant amount of value hunting waiting just below. The 50 day EMA currently sits right around the $94,000 level and is rising. And I think that’s your first major support level. Underneath there, we have the $90,000 level, which extends down to the $88,000 level as a major floor in the market. All things being equal, this is a market that I think just continues to build up pressure and then eventually breaks higher.

But we had shot straight up in the air for so long that it does make a certain amount of sense that we are now having to work off some of the excess froth. We saw this happen during most of 2024. We may have a repeat of that. We just don’t know. But longer term traders continue to accumulate Bitcoin on dips.

If we break below $88,000, then you could have a run down to $74,000, which was massive resistance previously. On the other hand, if we break higher and we can clear the $109,000 level, Bitcoin would begin its next leg higher.

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