Bitcoin Technical Analysis
Bitcoin continues to consolidate overall as the $60,000 level of course is important and it is an area that has been rather supportive previously. At this point in time, the market does look as if it is trying to bounce a bit, but we need some type of momentum. If we do pick up a little bit of momentum, it’s likely that Bitcoin could go looking to the $64,000 level.
After that, the $67,000 level will be a target. All things being equal, there has been a massive amount of support just below the as it extends down to the $58,000 level. All things being equal, this is a market that I think is very noisy, but ultimately it looks to me like a market that is still trying to build a bit of a base. If and when it does, then we will more likely than not end up just staying in the same consolidation range that we had been in.
It is worth noting that this last time that we broke through the $60,000 level, we did not go as low as we did in early May. And that, of course, is, I suppose, a little bit of a better situation. So maybe momentum’s starting to come chase Bitcoin at a little bit higher level. Who knows? We’ll have to see, but right now, it looks like we are just trying to hang on to the overall longer-term range.
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