Bitcoin Price Outlook – Bitcoin Continues to Test Major Resistance

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours here on Monday as we are approaching the $120,000 level yet again. The $120,000 level has been a large, psychologically significant figure that a lot of traders have paid attention to. And we even broke above there a couple of times, but every time we get above that level, it seems like the sellers come in and really start to hammer the market. That being said, this is a market that is very bullish over the longer term as we continue to see a lot of pressure to the upside overall.

Short-term pullbacks, I think offer buying opportunities. Traders will look to the $116,000 level as a potential floor in the market. Falling near the $110,000 level from there opens up even more support as the 50-day EMA is in that neighborhood. A break above the top of the candlestick from last Monday could open up a big move towards the $130,000 level. This is a market that has been rallying for so long that a little bit of a pullback makes a certain amount of sense.

But really, at this point in time, I think you’ve got a situation where you simply cannot sell this market. You have to understand that we are in an extraordinarily bullish market. And although we are taking our time here chipping away at this barrier, I do think eventually it will give way, and we are going looking towards $130,000.

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