Advertisement
Advertisement

Bitcoin Price Forecast – Bitcoin Continues to See Buyers

By:
Christopher Lewis
Published: May 13, 2024, 13:43 GMT+00:00

The bitcoin market has seen a bit of pressure to the upside, as the $60,000 level acts as a floor in this market. However, there is a lot of noise above that could get into the equation.

In this article:

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Monday, as $60,000 continues to be very important. At this point in time, we are breaking above the 50 day EMA, and I think we are trying to get back to the $64,000 level. If we can clear $65,000, then it’s very likely that the market could continue to go higher, perhaps even reaching as high as $73,000 above, which had been a major ceiling. Underneath, we have plenty of support near the $57,000 level, and I think that extends all the way to the aforementioned $60,000 level. It’s a range of support if you will.

Giving that up, it’s very likely that if we were to break down below there, then the $52,000 level and the 200-day EMA both come into the picture as support as well. This is a very bullish market from a longer-term standpoint, but there’s a lot of noise out there as, quite frankly, Wall Street is now in the mix. It’s going to change the attitude and the behavior of this asset. I don’t know if we’re going to see 10% gains on any particular day anymore because of this, and it’s going to behave more like an index.

But what it will do, I suspect, is have a proclivity to go higher over the longer term. So, you can look at it through that prism. I have no interest in trying to short this market, and I do recognize that if you are patient enough, it’s not a huge surprise if we reach the highs again.

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?

Advertisement