Bitcoin Price Forecast – Bitcoin Continues to Drift Lower

Bitcoin Technical Analysis

Bitcoin initially tried to rally during the day on Friday but gave back gains to show signs of hesitation. With that being the case, I think you’ve got a situation where traders will continue to look at this as a market that’s overdone but does offer quite a bit of value if you see this pullback. At this point in time, I think the market is likely to continue to see $60,000 underneath being a support level that people will focus on quite seriously. The 50-day EMA is racing towards that area as well.

So, all of that being the case, I think you have to look at this through a prism of just picking up a little bit of value from time to time. The huge rush into the ETF has put a lot of upward pressure on Bitcoin, but I think that’s pretty much over right now. At least the initial purge into the space, I think it’s done.

So, with that being the case, I think you’ve got to take a look at this market as one that will offer value and once we see a bit of a bounce, it might be time to start going long again. The 50 day EMA being broken to the downside wouldn’t even be the end. The 52,000 level I think is just as important, if not even more important than the other levels on the way down there. $75,000 above has been a major resistance barrier and I think will continue to be. At this point it just more or less serves as a potential target.

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