Bitcoin Price Forecast – Bitcoin Plunges to Kick Off The Week

Christopher Lewis
Published: Jun 24, 2024, 13:08 GMT+00:00

Bitcoin fell rather hard during the early hours on Monday as we continue to see a lot of volatility in this market. All things being equal, Bitcoin looks as if it is trying to test out the $60,000 level for support.

In this article:

Bitcoin Technical Analysis

The Bitcoin market plunged during the early hours on Monday and has even reached near the $60,000 level. The $60,000 level is an area that I think you have to be very cautious about because it is a large round number and it is an area that I think offers a lot of technical and of course, psychological support. Bitcoin plunging in the early hours tells you that perhaps really sure what we’re going to do with it.

After all, Bitcoin’s not really used for anything other than to sell ETFs to people on Wall Street at this point. Whether or not that changes remains to be seen, but you can see clearly that we have shot straight up in the air for about six weeks gaining 92% and then several months afterwards, we find ourselves just bouncing around in this area. There’s no real catalyst for Bitcoin to go higher. Although I don’t necessarily think there’s a catalyst for Bitcoin to go lower.

In other words, the closer we get to 60,000, the more likely I think we see a bit of a bounce. Whether or not that is a sustainable explosive bounce probably remains to be seen. But I think at this point in time, you have all the time in the world to buy it. You’re looking for some type of bounce and follow through, some type of momentum. We just don’t have that yet.

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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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