Bitcoin Price Outlook – Bitcoin Stalls on Friday

Bitcoin Technical Analysis

Bitcoin has been somewhat noisy during the trading session here on Friday, but really, we haven’t gone anywhere. We’re stuck right around the $103,000 range, where we ended up at the end of the day on Thursday. This is a market that’s overextended, so don’t be surprised at all if we have to take a little bit of a break here. And quite frankly, I would expect that. Short-term pullbacks should appear sooner rather than later, and I think most people will look at that as a potential buying opportunity for bullish traders.

The $100,000 level was blown through, but it could offer a bit of support on the way down as it is a large, psychologically significant figure, and the Bitcoin market seems to be particularly sensitive to these. So, with that being said, I’m looking for a little bit of value before I start buying Bitcoin here because, quite frankly, Bitcoin has gotten too far ahead of itself recently.

I do think that over the longer term, we will probably go higher, I just recognize that we are in a situation where traders are more likely than not going to have to be a little bit patient in order to find that entry that they may need to get involved in. If we break higher from here, I think the next thing we’re looking at is right around $108,000, followed by the double top at the $110,000 level.

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