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Bitcoin Price Forecast – Bitcoin Continues To Pressure The Upside

By:
Christopher Lewis
Published: Dec 1, 2023, 14:54 UTC

Bitcoin rallied a bit during the trading session on Friday, to pierce the crucial resistance barrier just above the $38,000 level.

Bitcoins, FX Empire

In this article:

Bitcoin Forecast Video for 04.12.23

Bitcoin Technical Analysis

Bitcoin rallied a bit during the trading session on Friday, piercing the crucial $38,300 level, and suddenly looking like it is trying to take off to the upside. Whether or not we can break out remains to be seen, but it certainly looks like it’s only a matter of time before we see Bitcoin take off much higher. If we do, then the $40,000 level will end up being the next major target. The large, round, psychologically important figure of $40,000 will attract a lot of attention, as it has in the past.

In the meantime, I think this is a market that on every pullback, you have to look at it through the prism of buying short-term dips and giving you the ability to pick up a little bit of value. Underneath, I see the $35,000 level as being major support, so I think the most likely outcome will be that if we were to pull back to that area, we could see a lot of buyers coming in to pick up a lot of value. After all, the Bitcoin market is thriving in the face of lower interest rates, as it needs cheap and easy money for people to step out into the risk spectrum are enough to go into crypto in general.

That being said, the 50-Day EMA is also reaching toward the $35,000 level, so I think that now becomes the “floor in the market” that we will be single most important level on the chart that we will be paying attention to. At this point, I think bitcoin continues to break out to the upside, but it will be volatile as per usual. That being said, we also have an FOMC meeting coming up later this month that could cause quite a bit of problems for Bitcoin, because it does not function well in tight monetary policy. Trading Bitcoin requires the ability to find low rates, and therefore I think you need to have one eye on the Bitcoin chart, and the other on the 10 year yield in the United States. Expect a lot of noise, but it does look like we are trying to go much higher as things stand right now.

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.

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