Bitcoin Price Outlook – Bitcoin Continues to Grind Higher

Bitcoin Technical Analysis

Bitcoin continues to grind its way higher as the consolidation area is right around the $100,000 level. If we could break above there, then the market is likely to continue to go higher, perhaps opening up a move to the $110,000 level. Short-term pullbacks at this point in time, I think, continue to see a lot of support near the $90,000 level. But we’ll just have to wait and see. This is an area at $90,000 that has been both support and resistance in the past. So, I do think there’s a lot of market memory there.

Keep in mind that we are a little extended. So, a short-term pullback, I guess, would be expected. And it’s not necessarily the end of the world. After all, this is a market that could use a small break in the movement to the upside. It would be a scenario where value hunters have probably come into the picture and try to take advantage of cheaper prices in a market that’s been extraordinarily strong.

Ultimately, it’s really not until we break down below the 200-day EMA at the $86,000 region that I’d be concerned about the uptrend, but we have seen pretty steady volume along this move to the upside. So, it does look like a situation where we will continue to see an overall upward drift higher. The momentum may be a bit stretched, but there is nothing on this chart that suggests that we are done trying to rise in the Bitcoin market.

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