Bitcoin Price Outlook – Bitcoin Continues to Work Off Massive Push Higher

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the session here on Monday as we continue to grind sideways and try to sort out where we are going next. With that being said, the market is, of course, digesting some pretty significant gains from previous trading. And I would not be overly surprised, I suppose, if we get a short-term pullback, but that pullback should see plenty of support near the $90,000 level. The $90,000 level of course is a large, round, psychologically significant figure and an area that has been important multiple times and in both directions.

So, with that being said, I do believe you have a scenario where we will be looking for some type of pullback and bounce to take advantage of. Alternatively, we could find ourselves in a situation where we go looking to the 100,000 level and break above there. If we do, then that would obviously be a very bullish sign. At that point, I would anticipate that the market just simply goes back to the recent all-time highs at $110,000.

I don’t necessarily want to get too big in a position right here. I would like to either find value on a pullback or see some type of momentum really start to bring the FOMO traders in to take advantage of that. Because of this, I think you’ve got a scenario where you may be able to find some value, but at the very least you have time. It looks like we are working off this excess from previous trading.

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