Bitcoin Price Forecast – Bitcoin Continues to Attempt a Recovery

Bitcoin Technical Analysis

Bitcoin rallied a bit during the trading session on Thursday, but quite frankly, I think the real question is going to be whether or not we can take out the $60,000 level to the upside. If that does in fact happen, then we could have a potential recovery. But in general, I would anticipate a lot of noise.

Furthermore, you also have to pay close attention to the idea that the jobs report will throw a lot of volatility into this market. In general, Bitcoin faces a lot of new challenges, not the least of which is that it’s now a Wall Street asset. So it’s going to go down just as easily as it goes up. At this point, I do think that we had been overbought in the pullback has been healthy.

The question of course is whether or not market participants can pick this thing up because if we do struggle at the $60,000 level, we could very well drop down to the $52,000 level underneath which is backed up by the 200-day EMA. On the other hand, if we turn around and rally and get above the 50-day EMA then I think that would be a very bullish sign for Bitcoin, perhaps opening up a move to the $74,000 level.

I expect a lot of noisy behavior, but quite frankly, with central banks around the world staying tighter than anticipated, more specifically the Federal Reserve, it’ll be interesting to see how Bitcoin behaves. Right now, it’s a good start on Thursday, but I don’t know that it’s convincing enough yet to get long again.

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