Bitcoin Price Forecast – Bitcoin Continues to See Weight Overhead

Bitcoin Technical Analysis

The Bitcoin market fell during the early hours on Wednesday as we continue to see the market pull back. I think at this point we are in the midst of trying to determine whether or not the area around the $60,000 level will hold as potential support because quite frankly, it is so important. We did breach it for a day or two but then turned around to rally again.

This is a market that is in an uptrend to say the least but recently we’ve seen a real shift in attitude and perhaps people are starting to come to the idea that the Federal Reserve may not be cutting rates this year and that’s not going to be good for Bitcoin. After all, Bitcoin’s sole purpose, it seems, is to counter printing coming out of the central banks, specifically the Federal Reserve.

That being said, it looks like the Fed is going to stay fairly tight and that may cause a bit of a breakdown. Now this doesn’t necessarily mean that I’m looking to get short of Bitcoin, but what I do think is you may get an opportunity to pick up a better price. We will have to pay close attention to the $60,000 level, but if we make a fresh low, from the swing low of last week, then we could drop to the $52,000 level rather quickly. That’s an area I might be interested in. We’ll just have to wait and see how the market behaves there. If we can turn around and break above the $66,000 level, then it’s likely that Bitcoin will rally enough to go looking to the $73,000 level above where it peaked previously.

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