Bitcoin Price Forecast – Bitcoin Continues to See Drifting

Christopher Lewis
Updated: Jun 19, 2024, 18:57 GMT+00:00

The Bitcoin market has been somewhat lackluster over the past several sessions, and the Wednesday trading hours weren’t any different. This is a market that continues to ask questions of the $65,000 level.

In this article:

Bitcoin Technical Analysis

Bitcoin has done almost nothing during the trading session on Wednesday as we are hanging around the crucial $65,000 level. The $65,000 level is an area that I think a lot of people will be paying close attention to mainly because of the psychology of it, but also the fact that we saw it offer a bit of support back in the middle of May, where the market bounced significantly to the highs of the overall market range that we are in at the moment.

So, the question now is whether or not we are going to continue to see this area hold up or if we have to drop from here. If we break down to a fresh new low, then I think the $60,000 level, which is the large round figure that has offered a bit of a floor in the market from a longer term perspective. After all, we have bounced around between 60,000 and 73,000 for several months now after we had shot straight up in the air during that rush into the ETF on Wall Street.

So now we have a situation where I think you’re probably buying on dips, but the question now is will 65,000 hold or will we have to go looking closer to the $60,000 level. I’m still bullish on Bitcoin. I just don’t think it has anything to do. In the meantime, we’re just kind of waiting around for the next catalyst, and right now, we just don’t seem to have it. The Federal Reserve remaining stubbornly tight with its monetary policy probably also has a bit of a knock-on effect as well.

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?