Bitcoin Price Forecast – Bitcoin Continues to Build a Floor

Bitcoin Technical Analysis

The Bitcoin market has found itself hanging around the 56,500 level, an area that has been supported more than once and on the four hour chart, it looks like we are at least trying to form some type of bottoming pattern. However, as I’ve been saying for several days now, the real challenge will be the $60,000 level. The $60,000 level, of course, is a large round figure in an area that previously had been important, so you will have to pay attention to it.

Breaking above that opens up the possibility of a move to the $67,000 via the $64,000 resistance barrier. We will just have to wait and see how this plays out, but Bitcoin has certainly seen a lot of selling as the 141,000 bitcoins released into the market, and Germany selling a bunch has had a detrimental effect on the market. I don’t necessarily think that we’re looking to sell Bitcoin here.

What we’re waiting for is some type of momentum that we can follow. If we can, then it’s a situation where traders will continue to look at this as a potential opportunity that they can take advantage of. With this, I like the idea of buying, but I also recognize that we need to clear at least one hurdle and show some type of momentum before putting money to work in what is a noisy market overall. This is a market that can be quite volatile, and therefore be careful, but it looks like we are trying to recover.

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