Bitcoin Price Outlook – Bitcoin Continues to See Buying

Bitcoin Technical Analysis

Bitcoin has rallied a bit during the early hours on Wednesday as we continue to see an overall grind to the upside. Ultimately, this is a market that I think is doing what it can to get back to the top of the overall consolidation area, which is basically the $110,000 level. If we can break above the $112,000 level, then it’s a fresh new high, and I suspect at that point in time, you probably see Bitcoin really take off. It would be a major breakout if that were to happen, causing a rush into the market.

Short-term pullbacks are very possible at the moment. And I also recognize that short-term pullbacks are more likely than not to offer buying opportunities, especially near the 50-day EMA and then again at the $100,000 level. I don’t really like the idea of shorting this market. But if we broke down below the $100,000 level, then I think at that point in time, you have to step back and let Bitcoin do its thing, perhaps finding a floor at a lower level like $95,000, maybe even $90,000.

That being said, volume did pick up a little bit as we rallied, and it certainly looks as if we are still very much in an uptrend longer term, despite the fact that the last couple of months havae been somewhat sideways, as we worked off some of that excess momentum that was a part of the strong move higher. Ultimately, I remain bullish on Bitcoin, as do most traders it seems.

For a look at all of today’s economic events, check out our economic calendar.