Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours here on Friday, as we continue to see the market continue to go higher and I think ultimately go looking towards the $110,000 level. Short-term pullbacks open up the possibility of support being found at the 50-day EMA, right around the $103,300 level. This is an indicator that a lot of people will be watching at this point, for a floor in the market and trend.

This is a market that continues to see a lot of questions asked about whether or not it can break out. And I don’t know if we can do so quite yet, but I think ultimately the market is probably going to take it out eventually. After all, Bitcoin’s been in an uptrend for years, really, if you look at it, a couple of major pullbacks. And when you start to think about where we could go, the move above $112,000 opens up another $10,000 measure move, based on the consolidation that we find ourselves in.

If we were to break down below $100,000, then you could see a move down to the 200 day EMA, but right now, I just don’t necessarily think that is the most likely of scenarios. So, I do like the idea of finding value on short-term pullbacks and just simply trading that way. Eventually, I anticipate that we are going to move much higher, but at the moment, we are trying to build up the necessary momentum to make that happen.

For a look at all of today’s economic events, check out our economic calendar.