Bitcoin Price Outlook – Bitcoin Continues to See Resistance Above

Bitcoin Technical Analysis

The Bitcoin market found itself a bit negative in the early hours on Monday as we have pulled back from the crucial $106,000 level, an area that’s previously been resistance as we had formed a massive double top there. Pulling back from here is not a huge surprise and quite frankly, I think we are still just trying to build up enough inertia to finally break out towards the $110,000 level. If we can break above the $110,000 level, we could open up the next FOMO leg higher.

All things being equal, this is a market that I think has plenty of support at $100,000, as well as the 50-day EMA underneath that. And these pullbacks should represent an opportunity to pick up cheap Bitcoin. At least that’s how I believe this will work out. Risk appetite, of course, has a major influence on Bitcoin. To pay close attention to that, see how indices are performing, especially the NASDAQ 100, as it has a little bit of an idea as to where we may go.

But it is worth noting that the correlation between Bitcoin and a lot of the stock markets is starting to break a little bit because after all, Bitcoin fell before Wall Street fell apart and Bitcoin started to rally before the indices started to gain strength again. So maybe Bitcoin is not so much a correlated asset anymore, but maybe it’s more of a leading indicator. We’ll just have to watch this over the next couple of cycles. But as things stand right now, short-term pullbacks should be thought of as value.

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