Bitcoin Price Outlook – Bitcoin Continues to See Ceiling

Bitcoin Technical Analysis

The Bitcoin market has been a little bit positive at the beginning of the session, only to turn around and show signs of hesitation again. After all, we are testing the $110,000 level, an area that has been important multiple times as a ceiling in the market. I think this resistance extends up to the $112,000 level. So, it is worth paying close attention to what happens here. And right now, it looks like it’s holding.

So, because of this, I believe we’ve got a situation where you have to look at Bitcoin as still being very much in consolidation and therefore it is a market that I look at dips as buying opportunities, but I also recognize that the upside is somewhat limited at the moment, as the resistance has been so strong recently.

With this being the case, I think traders continue to look at this as a market that eventually does break the 112,000 level. And if and when we do, then you have the possibility of really taking off, perhaps reaching the $120,000 level. Ultimately, the 50-day EMA underneath, I think, is your short-term floor, and the $100,000 level underneath is your more intermediate floor. I do believe in buying dips, and I have no interest in shorting Bitcoin, and I think eventually we squeeze higher, driving more “FOMO” trading into the market. The Bitcoin market is known for these moves, and I suspect that we are going to see more of it soon as the pressure builds.

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