Bitcoin Price Outlook – Bitcoin Slams into Major Ceiling

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours here on Monday to break well above the $120,000 level but pulled back pretty viciously. And at this point in time, it looks like $120,000 will continue to be a major ceiling in the market. If and when we can break above there meaningfully, maybe a daily close or something to that effect, then I think we go much higher. And I do expect that to happen sooner or later.

But it just looks to me like we just don’t have that momentum right now. Really, the volume seems to be dropping slightly, so it might just be the time of year. After all, it is the dead of summer and Bitcoin, whether Bitcoin evangelists want to believe it or not, is actually a Wall Street asset now. So, with the big companies coming in to pump Bitcoin with their ETFs going into the spot market to buy Bitcoin, you need them to participate to get prices really rallying.

I do think that happens. I just think right now we’re in the midst of vacation season in the United States. A lot of times, that’ll just quiet the markets down. Furthermore, there’s a lot of cloudiness as to what happens with the Federal Reserve going forward. I mean, most people believe that they’ll cut rates, but we’ve seen this movie before. And of course, Bitcoin capitalizes on the idea of rate cuts. So, we’ll just have to wait and see how that plays out. But as things stand right now, $120,000 is your problem. Short-term pullbacks? I believe they offer plenty of buying opportunities.

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