Bitcoin Price Outlook – Bitcoin Continues to See Barrier Above

Bitcoin Technical Analysis

Bitcoin has pulled back just a bit during the early hours on Tuesday as we did try to break above the $107,000 level, only to give that up and struggle. So, at this point, I don’t necessarily think that this is a major breakdown. I think what we are looking at is a market that is likely to continue to consolidate a bit just below massive resistance.

With that being the case, the market is likely to continue to see choppiness and, in an environment where we just don’t really have much to push the market in one direction or the other, it makes sense that we spend a little bit of time working off the excess froth that we had built up. Ultimately, I do think this is a scenario where the market will eventually break above the $107,000 level and go looking to the $110,000 level.

But I also recognize that we have a lot of resistance up here that will be a bit of a chore to break through. So short-term pullbacks are more likely than not going to be a feature, not a bug, of the market. And I think a lot of people will look at those pullbacks as potential buying opportunities in a market that, quite frankly, has been explosively bullish and, if we can get above the $110,000 level, could really start to take off. I think the most obvious support level below would be the $100,000 level. So, if we do drop from here, look for some type of reaction just above that level.

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