Bitcoin Price Analysis – Bitcoin Continues to Stand Tall

Bitcoin Technical Analysis

Bitcoin has gone back and forth in the early hours on Wednesday as we continue to hang around the all-time highs. All things being equal, this is a market that looks like it may want to go a bit sideways in the short term, which is fine. That is still bullish because it means that the massive run to the all-time high and then the pullback here in this relatively tight range is being accepted by the market. It is a price that’s being accepted. And that of course is bullish.

Even if we pull back from here, I think there are plenty of places where buyers could come back into support. I look at the $108,000 level as short-term support, followed by $105,000 and then eventually $100,000. What I find particularly interesting about the $100,000 level is that the 50-day EMA resides there as well. And of course, there’s a lot of psychology attached to that major figure. Nonetheless, I think this is a situation where we are working off some of the froth and just simply waiting for the next catalyst to go higher.

We don’t know what that will be, but it will be, sooner or later, something that drives the market towards the $120,000 level. I have no interest in shorting Bitcoin, and it really isn’t until we break down below the $100,000 level that I even start to question the trend. This has been a massive move to the upside, and I think you have to look at it through the prism of a market that just simply won’t let it go. It will continue to go higher and markets like this just aren’t to be fine.

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