Advertisement
Advertisement

Bitcoin Price Forecast – Bitcoin Continues to See Support

By:
Christopher Lewis
Published: May 27, 2024, 13:13 GMT+00:00

The BTC market continues to see a lot of noise, but at the end of the day, we continue to see buyers on the dips. Ultimately, this is a situation where we will see the $67,000 level offer a potential floor in the market.

In this article:

Bitcoin Technical Analysis

Bitcoin looks likely to pull back towards the $67,000 level, an area that we have visited multiple times and should have a lot of market memory attached to it. The market is likely to look at that as an area that could be a nice entry point. And if we get a bounce in that region, I think it all ties together quite nicely. Nonetheless, it’s likely going to be a situation where we continue to find plenty of buyers underneath and those buyers will be willing to take advantage of cheap coins.

The $70,000 level of course is an area that a lot of people pay attention to, but after that we have the $73,000 level. The $73,000 level of course is the recent high, and opening up beyond that could send this market all the way to $80,000 given enough time. Either way, this is an institutional asset, so it’s not going to move the way it used to, and therefore you have to think of it more or less as an index like the S&P 500.

With that being the case, it remains a buy on the dip, but you also have to keep in mind that it won’t have 15% gains in a single day anymore. Quite frankly, as long as the institutional traders are involved, there’s probably somewhat of a floor anyway, but they will tamp down quite a bit of the volatility. So recognize that you will have to be a lot more patient than you used to be with Bitcoin.

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