Bitcoin Price Outlook – Bitcoin Continues to See Sideways Movement

Bitcoin Technical Analysis

Bitcoin has rallied just a little bit in the early hours on Thursday, but at this point in time, I think we are just simply killing time going back and forth, showing just hesitation at this point. This is an area right around the $100,000 level that has been important more than once, but now that we’ve sliced through it so much, I think it more or less just becomes fair value. We have $90,000 underneath offering support with $110,000 above offering resistance, or a ceiling, if you will.

Essentially, I think the market will probably be somewhat quiet, at least until we get to the non-farm payroll announcement on Friday, because that could have a major influence on interest rates, which, of course, have a major influence on risk assets such as Bitcoin. Short-term pullbacks, I think, continue to be buying opportunities. They have been basically since November. So, I don’t see that changing in the short term in this market.

But I don’t necessarily see a catalyst for this market to go much higher. I think we’re in a very similar pattern to we were last year for those several months. We may be looking at an accumulation phase. I mean, that’s how I’ve been approaching it. I’ve been buying on dips, little bits and pieces, not a lot, nothing crazy. And then when it breaks out, maybe it’s time to get a little bit more aggressive. But right now, we’re just in a massive holding pattern as we wait for some reason to get moving again.

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