Bitcoin Price Outlook – Bitcoin Continues to Trade in a Range

Bitcoin Technical Analysis

The Bitcoin market initially did try to rally during trading on Tuesday but gave back those gains, as we have seen a lot of back and forth trading in a range between $100,000 on the bottom and $110,000 on the top. Currently, we are just about smack dab in the middle of it. So that tells me that we are probably about as close to fair value as you can get. And that is part of why I’m not expecting much out of the Bitcoin market in the short term.

I anticipate that there will be buyers on short-term pullbacks. And I do think that overall Bitcoin is bullish, but the market is also looking for a reason to continue to go higher. We had a 40 % gain in just about five weeks. So, the market’s probably exhausted. If we can break above the $112,000 level, then the market could go looking at the $120,000 level, possibly even further than that. The $100,000 level being broken to the downside could open up the possibility of a move down to the $95,000 level.

In general, though, I think this is a situation where Bitcoin continues to be very noisy. It continues to pay a lot of attention to risk appetite. And right now, there just isn’t a whole lot to get the market moving. I think we’re in a wait and see pattern, but I do favor the upside. I do favor buying dips. And I do think that short-term trading is more likely than not going to be the way that we continue to see this market move.

For a look at all of today’s economic events, check out our economic calendar.