Bitcoin Price Outlook – Bitcoin a Little Quiet on Monday

Bitcoin Technical Analysis

The Bitcoin market initially shot higher during the early hours on Monday, but it is giving back some of the gains. So, we’ll have to wait and see whether or not we can actually make a bigger move. When you look at this, it looks like we are hanging around the $105,000 level. And I think this is an area that will remain interesting, mainly due to the fact that we had seen a lot of noise there previously.

So, a little bit of a pullback, I think, makes sense. That pullback should end up being a nice buying opportunity, given enough time, with the $100,000 level underneath being a potential support level as it is psychologically important. If we do break above the $106,000 level, then I think we go right back to the all-time highs. Ultimately, this is a market that will remain very bullish longer term, I think. Basically, it’s become an institutionalized ETF. And as long as Wall Street has an ETF to pump, they’ll find a reason to pump that ETF.

The question, of course, is where do we go from here? And I think $110,000 ends up being the crucial level to pay attention to. We are overdone in the short term, but that’s really not that unusual for Bitcoin. With the announcement of a potential trade deal, or at least I should say an agreement to cut back tariffs and then perhaps go on to a deal between America and China, it seems like that’s taken some money out of the Bitcoin market and put it into other ones, more traditional equities markets.

So, the most interesting thing about this is we are seeing a breakdown of previous correlations. After all, Bitcoin fell before the stock market and recovered before the stock market recovered. So interesting times, but the easiest way to look at this is we’re near the double top here. A pullback’s probably more likely than not, but then again, it should get bought into.

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