Bitcoin Price Forecast – Bitcoin Continues to Look For Support in Consolidation

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth in the early hours on Wednesday as we are just hanging around and trying to sort out where to go next. With that being said, it looks to me very much like a market that when we do dip, there will probably be buyers waiting to get involved and take advantage of “cheap coins.”

After all, we continue to see a lot of higher lows and therefore it looks like a situation where eventually we could break to the upside as the pressure continues to build. We rallied rather extensively in a very short amount of time and therefore it makes a certain amount of sense that we spend some time consolidating just as we have over the last 5 weeks or so.

The $60,000 level underneath continues to offer support and the 50 day EMA sitting just above it also backs that up. On the upside, we have the $74,000 level offering resistance and if we can break above there, then obviously we’ll try to get above the $75,000 level. Anything above that opens up the next leg higher and I think could bring in quite a bit of buy and hold behavior yet again. Keep in mind the hot inflows into the ETF have already come and gone so now it’s going to be more like a normalized market. Speaking of normalized markets, we don’t necessarily know how Bitcoin is going to behave now that Wall Street has its hands in it too so could be interesting.

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