Bitcoin Price Analysis – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

The Bitcoin market has bounced a bit in the early hours on Thursday as we continue to consolidate in the same overall region. That being said, it is worth noting that this region is at the all-time high. So, I think the longer we go sideways, the more likely we are to get comfortable with the $110,000 area, and therefore the more likely we are to break out to the upside. Clearly, the trend over the last month or so has been extraordinarily bullish. So, the idea of going sideways for a little bit makes a lot of sense. And in fact, if you look at the chart over this last month, you can see that’s exactly what’s happened.

We shot straight up in the air, went sideways for about two weeks, shot straight up in the air again, went sideways for about 10 days, shot straight up in the air, and now it looks like we’re going to struggle a bit with momentum. That’s perfectly fine. That’s normal, and that’s healthy. If we can break out to the upside and perhaps even clear the $112,000 level, then I think you have a real shot at this market going to the $120,000 level above, possibly even $125,000.

Pullbacks at this point in time should see plenty of buyers. But really, if this continues, I think the $110,000 level will eventually get broken. I think the $100,000 level underneath is massive support. That’s assuming that we can even get there. But it is not lost on me that the 50-day EMA is there as well. There are multiple minor levels between here and $100,000 as support, so that’s why I don’t think we get there.

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