Bitcoin Price Outlook – Bitcoin Continues to Pressure 120K

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the session here on Thursday in early trading as traders are trying to sort out what to do next, the 120,000 level is offering a significant resistance barrier. And if we can break above there, then it’s likely that the market is going to challenge last Monday’s shooting star. Breaking above the top of that candlestick opens up the possibility of a move to the $130,000 level. The $115,000 level underneath has acted as support multiple times, and as such, breaking down below could bring the 50-day EMA into the picture right along with the $110,000 level.

Ultimately, this is a market that I think is very important to pay attention to dips and the way they react because so far, we’ve seen plenty of buyers underneath willing to pick up Bitcoin. So, with that being said, the market is likely to continue to see a lot of position building here. The market has shot straight up in the air for the majority of the last several months.

We did consolidate for a while and maybe that’s what we have to do here as well before we shoot higher. It would not be a huge surprise mainly due to the fact that we’re in the dead of summer. Quiet trading is the norm, but either way, I think every time we pull back, you have to look at this as a potential buying opportunity in a very strong uptrend for this market. I have no interest in shorting Bitcoin at this point in time.

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