Bitcoin Price Outlook – Bitcoin Continues to Wait for Reason to Break Higher

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the early hours here on Tuesday, as we continue to see a lot of noisy behavior in general. The $120,000 level above continues to offer quite a bit of resistance. If the market were to break above the $120,000 level, then you could go looking to test the shooting star from a couple of Mondays ago. And of course, anything above there has the market really taking off, perhaps to the $130,000 level, based on the measured move of the recent, what I suppose is probably a bullish flag.

Ultimately, this is a market that I think continues to see a lot of people interested in buying. And that I think has been the case so far, every time we drop, buyers come back in and try to pick it up. But the $110,000 level underneath, I think, is a major floor.

Ultimately, I believe that market memory there comes into the picture as well. All things being equal, this is a market that I do think eventually breaks to the upside based on the overall uptrend and the fact that of course, Wall Street has its own ETF now, so they are pumping Bitcoin. It is summertime and you do have a lack of interest in markets overall on Wall Street, so it might be sideways for a while but clearly, there’s only one direction you can trade Bitcoin, and that’s to the upside.

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