Bitcoin Price Outlook – Bitcoin Continues to See Ceiling

Bitcoin Technical Analysis

The Bitcoin market pulled back just a touch in early trading on Friday as we continue to see a little bit of hesitation near the $120,000 level. This area has been a significant resistance barrier multiple times in the past, so it’s not a huge surprise to see that we may not be able to just slice through it. That doesn’t really matter though, because what you see in this chart is a market where every time it pulls back, there are people out there willing to get involved and start buying.

So, with that, I believe you have a situation where the latest dip has been bought. So, if we get another one here, there will be people out there willing to get involved as well. Keep in mind that Bitcoin, of course, is a market that can consolidate for quite some time before making its next move to the upside. And I think that’s basically what we’re doing here. If we can get a daily close above the $120,000 level, then I believe you have a real shot at a market that might continue to go higher. In that environment, I would anticipate that we probably take the measured move of the consolidation area of about $8,000, maybe $10,000, and go looking towards the $130,000 level.

If we were to turn around and drop from here, a breakdown below the $110,000 level would be rather negative. But in that environment, I think there’s a lot of noise underneath that will keep the market somewhat supported. And we may just be in a situation where we have to reset. Overall, Bitcoin looks bullish, but it doesn’t necessarily look like it’s going to blow through the top right away either.

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