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Bitcoin Weekly Price Forecast – Bitcoin Continues to Consolidate Overall

By:
Christopher Lewis
Published: Apr 12, 2024, 15:18 GMT+00:00

The Bitcoin market has seen a lot of back and forth, as we are trying to work off a lot of froth in this market and are currently trading in a massive $14,000 range.

In this article:

Bitcoin Weekly Technical Analysis

Taking a look at the Bitcoin market you can see that we’ve gone back and forth during the course of the trading week. And in general, I think you’ve got a situation where we have a lot of noisy behavior, but I think we have to work off this massive move higher. This is essentially “digesting gains”, as the market will tend to do.

And therefore, I think you probably see Bitcoin, I don’t want to say do nothing but do a lot of back and forth underneath. We have massive support at the $60,000 level that will come into the picture to offer a floor and above. We have a lot of resistance, which I think starts at $74,000, but probably extends to $75,000 above. This is a massive psychological significant level that a lot of people will react to.

There’s probably a range of resistance there after making this massive run higher, so it does make a certain amount of sense for the market to chop back and forth. The question we have to watch, and I’m not convinced of it yet, is whether or not we are forming another topping pattern. This is something that this market is known for, and it would make a certain amount of sense for Wall Street to take all of that money into the ETF and then pull the rug. We’ll see. But at this point, as things stand right now, this remains a buy on the dip market. And as long as we stay above $60,000, I’m not particularly overly concerned about the uptrend in general.

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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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