Bitcoin Price Outlook – Bitcoin Continues to Pressure Upside After US Election

Bitcoin Technical Analysis

Bitcoin broke above the $74,000 level during the trading session on Wednesday, showing signs of strength, but at this point in time, it is likely that we will continue to break out to the upside given enough time. Quite frankly, a strengthening US dollar is causing a little bit of a headache, but the reality is that traders are paying close attention to the fact that the Trump administration seems to be a little more crypto-friendly than once thought.

So, with that being the case, it makes a certain amount of sense that we would see Bitcoin react accordingly. Whether or not this changes anything over the longer term remains to be seen, but it certainly looks like we are banging our heads up against the ceiling and eventually we’ll probably break out.

The volume picked up quite nicely, so that is something to pay attention to. And if we can break above the top of the daily candlestick, it is more likely than not to set up some type of FOMO trade for Bitcoin as traders will rush to pick up this new risk on asset. The market had been doing what it could to break higher for some time, as it became more and more likely that we had a Trump win, but now it looks like we could be getting ready to run quite a bit higher. The measured move for this breakout is for roughly $80,000 initially, and then eventually, $95,000. Whether or not we get there remains to be seen, but it still looks very much like a short-term buy on the dip type of market.

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