Bitcoin Price Forecast – Bitcoin Continues to Watch $60,000

Bitcoin Technical Analysis

We have pulled back just a bit early during the trading session on Thursday in the Bitcoin market, but it looks like $60,000 is going to attract a certain amount of attention. Whether or not it holds remains to be seen, but at this point, I think you’ve got a situation where buyers are going to continue to at least try to support it.

Whether or not they have any luck remains to be seen, but I do think that $60,000 does make a certain amount of sense due to the fact that it’s a large round number, and it’s also an area where we’ve seen some action previously. Granted, the last time we tested this area, we did break down to the $57,000 level, so it’s more or less an area or region of support than it is a hard floor.

If we can turn around and break above the 50 day EMA, it’s possible that we could go looking to the 20 day EMA above and then eventually the $73,000 level. Keep in mind that the $66,000 level along the way could be a bit of a speed bump. Wall Street has its ETF now, so everybody is invested in this thing, and it’s going to behave more like a normal market.

We did recently see a 92% gain over the course of six weeks, so digesting it makes a certain amount of sense. If we were to break down below the most recent swing low, that opens up the door to a move down to the $52,000 level, which at that point in time, more likely than not, will be backed up by the 200-day EMA.

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