Bitcoin Price Outlook – Bitcoin Continues to See a Ceiling

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Thursday but has turned around to show signs of exhaustion. Nonetheless, this is a market that I think given enough time will probably try to find buyers on any dip, as it has been so bullish over the last several days, I think we’re just running out of momentum.

The $110,000 level above, I believe, is going to be a ceiling still. And if we can break the $112,000 level, we would be at a fresh, new all-time high, and we could go to the $120,000 level. If we do fall from here, the 50 day EMA near the 103,750 level offers support. Then after that, you have massive support at the $100,000 level. So, all things being equal, this is a market that has shot straight up in the air and now has spent some time working off some of that excess.

With this being the case, I think you’ve got a situation where you’re buying dips and you’re just simply waiting for some type of catalyst to send this market screaming higher. After all, every time we’ve seen Bitcoin fall apart, there are buyers out there willing to get involved. And that’s especially true now that we have an ETF that institutions on Wall Street are involved in. So, they have a decided reason to get involved in this market and keep the price elevated at this point in time.

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