Bitcoin Price Outlook – Bitcoin Continues to See Buying

Bitcoin Technical Analysis

The Bitcoin market has rallied quite a bit in the early hours on Thursday, and now it looks like we are potentially going to threaten the $100,000 level. It doesn’t necessarily mean that we slice right through it because there is a lot of noise between here and there, but it certainly does seem to look like an area that I think still favors the upside despite the fact that there may be some hard work. Even if we were to pull back a bit here, I anticipate that there should be plenty of buyers on dips all the way down to at least the $90,000 level.

The 50 day EMA is currently at $88,500 and rising. So, I think we’ve got a situation where that will come into the picture to shore up the $90,000 support level as well. What’s been interesting is that Bitcoin led the massive sell-off in stock markets and everything else. And now it appears that it has led the recovery in the stock markets.

Are we starting to see Bitcoin as perhaps a harbinger of things to come in other markets instead of other markets driving Bitcoin into the ground every time there’s trouble? It’s an interesting correlation to contemplate and this is the first time we’ve seen this, but in all fairness, it’s the first time that institutions have been so heavily involved. So maybe we’re starting to get different behavior. Either way, it looks very bullish, and I do think that we continue to go higher given enough time.

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