Bitcoin Price Outlook – Bitcoin Continues to Pressure Barrier

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be positive initially during the beginning of the session but then turned around to give back those gains. At this point in time, it looks like there is still a massive amount of resistance extending from $106,000 all the way up to the $110,000 level. The $110,000 level has proven itself to be very difficult previously and at this point in time, if we were to break above the $110,000 level, then it would be very positive, probably kicking off the next leg higher in this market.

Short-term pullbacks do make a certain amount of sense as we are building that pressure to the upside, but we just don’t have the escape velocity yet. A pullback all the way to the $100,000 level could be possible. It’s a large, round, psychologically significant figure in an area that’s been an area of interest in both directions by the market. The latest move higher has been rather brutal. So, I think at this point in time, the sideways action at the very least makes a lot of sense to work off that extra froth.

If we were to break down below the $100,000 level, the $96,000 level could be the next support level. Regardless, I don’t have any interest in shorting the Bitcoin market. I think it is just simply too strong. If people see this break above the $110,000 level, then the extrapolated target at the very least is going to end up being $120,000.

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