Bitcoin Price Outlook – Bitcoin Continues to See Barrier Above

Bitcoin Technical Analysis

The Bitcoin market has struggled a bit during the trading session in the sense that we continue to find ourselves looking for some type of reason to jump over this crucial $120,000 level. If and when we can, and I do think we will eventually. The market is likely to continue to see follow through and perhaps a run to the $130,000 level based on the measured move.

Market participants continue to see sideways action at the moment, but really, I think you’ve got a situation where the 50 day EMA racing towards it will add even more support. So, I think dips end up being buying opportunities. Bitcoin has been bullish multiple times over the last several months, but it’s also had to consolidate a bit here and there.

So, with that being said, the market I do believe continues to look at the Bitcoin market as one that is backed by Wall Street, and that, of course, is via ETF. But as long as Wall Street has an interest in that, it does provide it with a little bit of a floor. Now, speaking of Wall Street, it’s a very quiet time of year for Wall Street. So that’s part of the problem as well.

Either way, every time this market dips, I’m thinking that on the bounce, I’m going to be a buyer. And eventually the measured move opens up Bitcoin to going to the $130,000 level above, with $110,000 below being a hard floor.

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