Bitcoin Weekly Price Forecast – Bitcoin Continues to Consolidate After Its Big Move

Bitcoin Weekly Technical Analysis

Bitcoin has pulled back just a bit during the course of the week as we continue to see the market work off some of the excess froth. That being said, this is a market that has been very strong for some time, and I do think that it is probably only a matter of time before we do go higher.

But after that massive shot higher, it does make a certain amount of sense that we have to work off the momentum and find more people to jump in. After the initial surge into the ETF you would anticipate a bit of a cooling period, and I think that’s what we have here. The $60,000 level underneath would be a significant flaw in the market.

And I think all things being equal, any move towards the $60,000 level will certainly attract a lot of attention. If we break above the $75,000 level, then it’s possible that we could have a move much, much higher. And I do think eventually that level gets tested. In the meantime, though, longer term traders are just simply accumulating up at this high because they do believe that Bitcoin is going to go much higher.

Quite frankly, it’s not until we break down below $52,000 that I would be concerned about the trend and even then, we’d have to see what the fundamentals have to say. Speaking of which, a lot of traders will be looking at whether or not the Fed and other central banks will continue to print money over the longer-term, which is the big driver and argument for Bitcoin to begin with.

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