Bitcoin Price outlook – Bitcoin Continues to Show Buying Pressure Despite Global Chaos

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Monday, as we continue to see a lot of back and forth action, but it does seem like the big thing here is going to be support sitting underneath. With that being said, the market looks as if it is watching the $105,000 level very closely. And this, of course, is an area that has been important multiple times in the past. That area holding as support is a potentially good sign of the market eventually trying to go to the $110,000 level. If we can break above the $112,000 level, then that opens up a much bigger move, more of a trend at that point in time.

If we drop from here, the 50 day EMA comes into the picture offering support, anything below there then opens up $100,000. This is a market that given enough time will continue to find buyers from everything I see and considering everything that’s going on in the Middle East right now, it is rather impressive that Bitcoin hasn’t fallen apart. So, I think that’s a signal in and of itself that Bitcoin is going to continue to be very resilient.

With that, I think you have to look at this through the prism of buying on the dips, as it just won’t falter at the moment. That being said, expect the occasional hiccup along the way with all of the potential headline risks that will eventually cause issues again.

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