Bitcoin Weekly Price Forecast – Bitcoin Continues to Find Support

Christopher Lewis
Published: May 3, 2024, 15:53 GMT+00:00

The bitcoin market has shown itself to be very well supported, as the $60,000 level has been crucial. The market showing signs of hanging onto the level for support is a very good sign to say the least.

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Bitcoin Weekly Technical Analysis

Bitcoin had plunged initially during the week, but we have seen a significant pullback as it looks like Bitcoin is going to continue to attract a lot of attention. It also looks like we are going to end up protecting the $60,000 level, an area that has been important multiple times in the past.

With that being said, and the fact that we might be forming a hammer, it looks very much to me like the uptrend may end up being firmly ensconced in this market. Remember, I’ve been talking about $60,000 being a crucial level, and the fact that we have defended it so vigorously is a good sign. At this point, we could see Bitcoin go looking to the $73,000 level again.

But I do think that there’s been a lot of technical damage done, especially on lower timeframes like the daily chart. Regardless, I don’t have any interest in shorting Bitcoin. And I think that there is a significant amount of support near the $52,000 level as well. So, if we fall, just look to buy it down there. The jobs number in America came in a little softer, and now people are thinking that the Federal Reserve might loosen with monetary policy much quicker.

And if that’s going to be the case, that should do well for Bitcoin in the longer term. We’ll just have to wait and see. But right now, it certainly looks as if the buyers are jumping back in to try to take control of what is an extraordinarily bullish market from a longer term perspective.

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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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