Bitcoin Price Outlook – Bitcoin Continues to Trade in its Range

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours here on Monday as we continue to hang around in the same consolidation area. The market has been bouncing around $100,000 and $110,000 for a while now. And I think you’re just going to see more of the same. Any pullback at this point in time is a drop towards the $100,000 level and you will have value hunters coming in. However, if we were to break above the $112,000 level, then we could really take off to the upside. Ultimately, I believe that’s what happens, but now we’re just trying to work off some of this excess froth and by extension, trying to build up enough momentum to finally break out to the upside.

The US dollar falling could help, but really at this point in time, I think we need some type of catalyst to take on major risk. Ironically enough, as Bitcoin led Wall Street lower previously, Wall Street is just absolutely rocketing right now and Bitcoin’s just sitting here. So, it’s gone back to its own little world, which is fine. It’s nothing new. But we did have a timeframe there for a little while where Bitcoin was actually the lead signal.

Now I think we’re just working off this massive 40 % gain over the next couple of months and just trying to find a reason to go higher. I don’t like shorting this market. I would be a buyer of dips if we broke down below $98,000, then I think we probably have a little bit more correcting to do.

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