Bitcoin Price Forecast – Bitcoin Continues to See a Lot of Chop

Bitcoin Technical Analysis

Taking a look at Bitcoin looks a lot like a market that is trying to spring into action. Perhaps take a break one way or the other. But right now, as we are focusing on jobs, I think there’s a lot of questions as to what can happen next. Underneath, we have massive support near the $60,000 level.

It’s backed up by the 50 day EMA. So regardless, I do think that it is probably only a matter of time before any significant pullback gets a bit of a bounce and people start buying into. On the upside, we have the $75,000 level, which although not tested yet, certainly looks as if it could offer a little bit of resistance based on the most recent couple of pullbacks.

In general, I think Bitcoin has to sort out where it’s going from here. And of course, we have to consolidate some of the massive gains that we saw early in the year. There is a lot of money that has flown into the ETF sector for Bitcoin, and it just needs to be worked off at this point. After all of that momentum, I think short term dips continue to be bought into.

And I do think that Bitcoin eventually challenges that $75,000 level. But right now, I think it’s probably more or less a market that you can expect a lot of churn to be seen more than anything else. This market still looks very bullish, but that doesn’t mean that we have to take off like a rocket in the short-term.

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