Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

The Bitcoin market rallied rather significantly during the trading session on Monday, as it looks like the 50 day EMA underneath is offering a bit of support. That being said, this is a market that had to deal with a lot of concerning war based headlines over the weekend. And weekend trading, of course, was pretty negative.

However, we have seen it turn around and recover a bit. So, at this point in time, I do think it’s probably only a matter of time before the Bitcoin market rallies again, as the fundamentals are still very much in favor of that. We are working off a lot of the excess froth from the 92% move higher over a couple of short months. And it does make a certain amount of sense that people are just catching their breath in this area. Keep in mind that Bitcoin now has an ETF so institutional traders are involved in it quite frequently now and it should start to develop into a more normalized institutional grade market. That being said, we may not get those massive moves anymore although all we can do is wait and see in this situation.

The hot money flowing into the ETF markets of course has stopped although clearly there are still buyers, but there’s not that huge rush. So that being said, I think you’re going to consolidate further and then eventually it’s likely the Bitcoin rallies and breaks above the $74,000 resistance barrier. That being said, at this point, you’re going to have to exercise a bit of patience.

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