Bitcoin Price Forecast – Bitcoin Continues to Look For Momentum

Christopher Lewis
Published: May 23, 2024, 13:45 GMT+00:00

The bitcoin market has done very little in the early hours on Thursday, as we are looking to find some kind of momentum to send this market higher.

In this article:

Bitcoin Technical Analysis

The Bitcoin market continues to dance around the $70,000 level. As we are trying to sort out where we are going next. This is a market that most certainly has a lot of buyers in it, especially now that institutional traders are involved.

After all, the market is likely to continue to see a lot of noise, and I do think that is a very real threat, but it’s also more of a buy on the dip situation. The $67,000 level underneath is significant support. The $70,000 I think, is going to be a level that’s just more or less noise. It’s psychologically important, but it has been blown through a couple of different times.

Above there we have the $73,000 level, which has been an area of significant resistance a couple of times as well. I think we’re trying to get there, but I also recognize that this is going to be a very messy move. Be cautious with your position size, but clearly the upside is the only side. And even if we broke down below the $67,000 level, then $60,000 underneath there I think is an even harder floor that will be difficult to break through.

If you get the opportunity to pick up Bitcoin on the cheap, you take advantage of it in this environment. I think that will be the way forward for most traders, both retail and institutional investors alike. Ultimately, I think this is a market that could break higher and above the recent swing high to go reaching for the $80,000 level eventually. I have no interest in trying to fight this trend, especially now that Wall Street is pushing it around.

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?