Bitcoin Price Outlook – Bitcoin Continues to Grind Sideways

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the early hours on Friday, as we’re just sitting here directly below the $106,000 level. The $106,000 level of course is an area that has shown a significant amount of resistance multiple times in the past. So, I think ultimately, we have a scenario where we are just butting our heads up against the ceiling.

What I will say though is the fact that we are going sideways and not really pulling back is a very strong sign because we’ve had this impulsive move of about 40-ish percent, and we’re just going sideways to work that off. We’re not pulling back in order to find value and bring in more traders. We’re just working this off as the move was so quick.

Remember, there’s two different ways a strong move like this gets digested. Either you pull back and you offer a cheap enough price that willing buyers step in, or you work it off with time. People become accustomed to these higher levels. The $100,000 level below current trading should offer a significant amount of support, and as long as we can stay above there, then I think this is range bound with an upward tilt.

If we can break above the $110,000 level above, then it opens up a much bigger move in the Bitcoin market as we could go racing towards the $120,000 level and beyond. I have no interest whatsoever in trying to get short of the Bitcoin market.

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