Bitcoin Price Outlook – Bitcoin Continues to Consolidate in Tight Range

Bitcoin Technical Analysis

The Bitcoin market is slightly positive in the early hours on Wednesday as we continue to see the market just try to digest a lot of the major momentum that entered the market. With that being said, I think you’ve got a situation where a lot of people are going to be looking at this as a situation where short-term pullbacks probably end up being buying opportunities that people want to take advantage of. This is especially true if we get near the $90,000 level.

The $90,000 level of course is an area that’s been important multiple times in the past. And of course, it is a large, round, psychologically significant figure. The 50 day EMA is starting to race to that area as well, so I think you’ve got a situation where we probably start to look towards the area as a potential not only support level, but also floor in the market. To the upside, the most obvious place I see that could come into the picture is $100,000. If we break above $100,000, then the $110,000 level is likely to be the next target.

All things being equal, this is a market that I think is just going to continue to grind to the upside. I do think that this area here between 95,000 and 100,000 is going to be difficult to get through, but a little bit of sideways action might give people enough confidence to start stepping in and buying Bitcoin again. I do think we are heading back towards the recent all-time highs, although it is going to take a significant amount of time to get there.

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