Bitcoin Price Forecast – Bitcoin Continues to Consolidate

Christopher Lewis
Published: Apr 3, 2024, 15:51 UTC

The Bitcoin markets continue to consolidate in general, as we see a lot of noise overall.

In this article:

Bitcoin Technical Analysis

It is worth noting that Bitcoin has been slightly bullish in the early hours on Wednesday as we continue to see a lot of noisy behavior overall. With that being the case, I think you’ve got a situation where traders are going to continue to look at this through the prism of trying to find value after that massive shot higher.

Keep in mind that a lot of the flow into the ETF market is probably a thing of the past at this point. Quite frankly, a lot of the hot money is gone, if you will. The $60,000 level underneath should be thought of as a potential support level, especially with the 50 day EMA sitting right there in the fact that it has shown itself to be supported in the past.

Above, it looks like there is a serious struggle to get above the $75,000 level, so I think that has to be taken into account as well. All things being equal, I think you just go back and forth for the time being, and quite frankly, that’s probably the best thing that you can see here because the market had been so overdone, a little bit of consolidation won’t hurt anybody.

And quite frankly, it’s something that’s desperately needed or a pullback to offer value. $60,000 should continue to be a bit of a flaw though. So, let’s pay attention to that. And with this being the case, I think you’re looking for these dip sounds an opportunity to get a little bit of exposure to a market that want to break 75,000 will probably take off to the upside.

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.

Did you find this article useful?