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Bitcoin Price Forecast – Bitcoin Continues to See Support

By:
Christopher Lewis
Published: May 30, 2024, 13:18 GMT+00:00

The bitcoin market has found support again in the early hours of Thursday, as the $67,000 level continues to be a massive area of importance. This is a market that continues to pay close attention to risk appetite.

In this article:

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be supported and the $67,000 level an area that I think continues to be crucial as it had previously been resistant and now offers significant support. It’s the bottom of a larger consolidation area that I think extends all the way to the $73,000 level.

And as we are at the bottom of this range, I think it makes quite a bit of sense that we would bounce from here. With this, I think you have to look at the market through the prism of possibly taking advantage of every dip and certainly looking at it through a one directional type of trade, to the upside that is, the market will continue to be a market that we need to pay close attention to, as far as risk appetite is concerned.

And therefore if risk appetite picks up and then I think Bitcoin picks up. On the other hand, if risk appetite starts to melt down, we could break down. But if we break down below the $66,000 level, then we could go to the $60,000 level. But right now, that doesn’t look as likely as a simple consolidation move between the $67,000 level and the $70,000 level in the short term, with the $73,000 level being important. Anything above there then becomes a “buy and hold” situation, where we could be looking to get to the $80,000 level above. At this point, I have no interest in trying to sell in this market, as institutions continue to jump into the market at this point.

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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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