Bitcoin Price Forecast – Bitcoin Continues to See Support

Christopher Lewis
Published: May 24, 2024, 15:17 GMT+00:00

The Bitcoin market found support again on Friday, as it looks like we are in the midst of trying to build enough momentum to go looking to the highs yet again.

In this article:

Bitcoin Technical Analysis

Bitcoin has shown itself to be situated at a very significant support level. At $67,000. That is worth paying close attention to. With that being said, I think you’ve got to look at this through the prism of a market that is trying to find a little bit of momentum.

Now, whether or not it can find it remains to be seen. But this is a market that also will remain noisy. That’s the nature of Bitcoin. I think at this point in time, it’s very likely we will try to get back to the $70,000 level and possibly even, beyond there. The market will continue to be one that looks at $73,000 as a major barrier.

And I don’t know that we’re going to break out, any time in the short term above that level, but it looks like what we’re doing is more or less consolidating, trying to build up the necessary momentum. And that sometimes takes a while. We’ve had a pretty significant rally, a pretty, pretty significant sell off, and a lot of this being influenced by interest rates in America.

And now during the Friday session, it looks like rates are dropping a little bit. So, Bitcoin feels like it’s more of a buy. Either way, from a technical point of view, it is an area that would be very interesting. I think we continue to see a lot of people out there that are willing to put money to work in this market, as it is still absorbing a lot of institutional action and inflows. I have no interest in selling at this point in time.

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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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