The Bitcoin market initially did try to rally on Thursday, but then pulled back a bit. The Wednesday session was an absolute launch higher and now it looks like we're probably hitting a little bit of a brick wall. At this point in time, I think a short-term pullbacks makes a lot of sense and that short-term pullbacks probably offers a nice buying opportunity.

The $95.000 to $94,000 region, of course, is an area where I think a lot of people would be looking to pick up Bitcoin as we continue to build up that necessary momentum to finally take off to the upside. A break above the $104,000 level allows for the market to go higher, perhaps even to the $110,000 level based on the consolidation area that we are trying to break out of.