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Bitcoin Price Forecast – Bitcoin Continues to Test Support

By:
Christopher Lewis
Published: Jun 11, 2024, 13:34 GMT+00:00

The Bitcoin market slipped a bit in the early hours on Tuesday, as we have seen a little bit of pressure. This makes a bit of sense, as the market has to focus on the FOMC meeting on Wednesday, which could set the tone on monetary policy in the next few months.

In this article:

Bitcoin Technical Analysis

The Bitcoin market fell rather significantly during the trading session on Tuesday to slam into the crucial $67,000 level. The $67,000 level has been important multiple times and now looks as if it is at least putting up a fight. Keep in mind that the FOMC meeting is at the end of the day on Wednesday and a lot of traders will be paying attention to FOMC comments, statements, and most importantly, the press conference to get a feel for what it is the Federal Reserve is going to do with its monetary policy. Remember Bitcoin is now a Wall Street asset, so it plays by Wall Street’s rules.

Gone are the days of 15% gains and losses, and quite frankly, it’s going to ask questions of monetary supply, whether or not quantitative easing is coming, etc. If the Federal Reserve sounds ultra tight, then it’s likely that Bitcoin will continue to sell off. On the other hand, if they sound even remotely loose, it’s likely that we get a bounce.

This is an area where you would expect to see buyers coming in to support the assets, so it’ll be interesting to see how this plays out. From a longer term perspective, we are still simply consolidating after that massive run-up about three months ago when the ETF was approved. To the upside, the $73,000 level continues to be your ceiling, and if we were to get above there somehow, it becomes more of a buy and hold market. As things stand right now, it’s just bouncing around in about a $5,000 to $6,000 range.

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.

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