Bitcoin Price Analysis: Bitcoin Breakout Could See Small Pullback

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Summary:

  1. The slow grind that the bitcoin market saw last week finally resulted in a breakout that caused the market to rally to $9,400.  
  2. We are currently seeing a round of supply hitting the market, but the overall market structure is very bullish. There are a lot of analogues between our current market structure and our previous consolidating market structure of a couple of months ago.  
  3. If demand fails to break through this overhanging support, we could potentially return to retest the $8,500 to $8,600 zone. If that level fails there will be a nice buying opportunity available in the $8,100s. The $8,100s is a band of weekly resistance that our market managed to break through and will likely spark some short closures combined with long interest.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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