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Bitcoin Price Forecast – Bitcoin Continues to See Upward Pressure

By:
Christopher Lewis
Published: May 15, 2024, 13:55 GMT+00:00

The Bitcoin market has been very positive in the early hours on Wednesday, as the market continues to pay close attention to the crucial $60,000 level underneath. Ultimately, this market looks as if it is trying to build a case for higher levels.

In this article:

Bitcoin Technical Analysis

Bitcoin has had a bullish session during the day on Wednesday, as we continue to build a bit of a base with the $60,000 level underneath offering a certain amount of support. As long as we can stay above that level of $60,000, it looks as if we are trying to force some type of rounding bottom.

That rounding bottom of course, could be indicative of traders trying to buy into every short term pullback. That gives us an opportunity to pick up Bitcoin on the cheap. I also recognize that we had shot straight up in the air for so long that it’s probably worth noting that we, for the most part, need some type of consolidation.

And as things stand right now, it looks like the $73,000 level above is going to be your resistance area. In the short term, it looks like every time we did buyers and trying to pick up a little bit of value, we did shoot straight up in there, 92% over the course of six weeks, and then have been bouncing around.

And again, that makes sense. You’re just watching the market digest, all of that. And with this being the case, the ETF is now the main driver of Bitcoin and of course institutions. So, they will tamp down the volatility data like that. So therefore, that’s the way this game is going to be played. And therefore, I think we’ve got a situation here where it’s very likely that it will start to behave like an index. Probably noisy only at certain times but and more or less a steady longer-term investment now.

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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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