Bitcoin Price Outlook – Bitcoin Continues to Pressure the Ceiling

Bitcoin Technical Analysis

The Bitcoin market initially did pull back just a bit during the early hours here on Tuesday. But with that being said, it’s worth noting that the buyers came back in to push it towards the crucial $110,000 level. $110,000, of course, is a large round number, and it’s an area where we’ve seen action previously. So with that being the case, it’s not surprising to see that perhaps we are going to hesitate a little bit again.

We broke through it at one point, reaching the $112,000 level. So, I really think to be completely convinced of the strength of Bitcoin, you probably need to see this market clear the $112,000 level, perhaps even on a daily close. But right now, what the market is telling me is that we’re not going to be selling Bitcoin. If it falls, it will show itself to find plenty of buyers underneath from everything that we’ve seen. There’s no reason to think that’s going to change anytime soon. And therefore, you have to like this market in a buy-on-the-dip type of scenario. The 50-day EMA sits just above the $105,000 level and is rising.

So, I think you have a real shot at the market trying to find buyers down there to get involved and pick up cheap coins. Even if we break down below the 50-day EMA, we could see the market drop down to the $100,000 level, where I think there is even more support based on the psychology of a large, round, psychologically important number and the fact that it’s been important multiple times in the past. Either way, Bitcoin should continue to attract plenty of buyers, and I believe we will eventually break out, perhaps aiming for the $120,000 level.

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