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Bitcoin Price Forecast – Bitcoin Continues to Attempt Upward Move

By:
Christopher Lewis
Published: May 20, 2024, 13:42 GMT+00:00

The Bitcoin market shows signs of life again, as we continue to try to break to the upside. However, there are a few levels that we need to pay attention to, as this market will remain noisy and choppy to say the least.

In this article:

Bitcoin Technical Analysis

Bitcoin has rallied slightly to kick off the week as we continue to see a lot of noisy behavior in markets overall. Bitcoin, of course, has been of interest as of late, as it’s been extraordinarily strong, and of course we are starting to see people try to bet on the idea that central banks will continue to cut rates going into the future. And if that’s the case, then it obviously favors Bitcoin. However, the $67,000 level seems to be stubbornly resistive, and we will have to wait and see whether or not it ends up being broken.

If it is, then Bitcoin could very well drop a little bit and then take off to the upside to go looking to the $73,000 level, an area that previously had been massive resistance. If we break down from here, then the 50 day EMA and the $60,000 level both offer potential support and potential buying opportunities in what is a major uptrend that you just you can’t be bothered trying to fight.

Ultimately, I think this is a scenario where we have a lot of work ahead of us, but longer term uptrend is still very much intact. And I think that’s how you have to look at this. As a market that is in a longer term uptrend, you do not want to short it. This is essentially a “one-way trade” as things stand currently. With this, I will look for opportunities to buy more on each dip, as long as we can stay above the $60,000 level.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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