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Bitcoin Weekly Price Forecast – Bitcoin Continues to See Support Underneath

By:
Christopher Lewis
Published: Jun 14, 2024, 17:07 GMT+00:00

The Bitcoin market has shown itself to be well-supported at this point in time, as the $67,000 region is an area that the market has been paying close attention to.

In this article:

Bitcoin Weekly Technical Analysis

The Bitcoin market has been negative for the week, although it must be said that we continue to see a lot of support right around the $67,000 level if we break down below the bottom of the candlestick, then it’s possible that we could go down to the $60,000 level. And the $60,000 level is an area that I think a lot of people will pay close attention to, uh, as it previously has offered so much in the way of support in general, this is a market that I think continues to see a lot of back and forth as we try to digest a 92% gain in just six weeks previously.

On the other hand, if we turn around and break to the upside, perhaps getting back above the $73,000 level, then it’s possible that the market could continue to go much higher. In general, I expect a lot of noisy behavior and I do expect a lot of choppiness, but overall, I like the idea of buying dips as value.

I don’t necessarily think we’re going to get more of these explosive runs now that it’s an ETF and it can be easily bought and sold by Wall Street. So, you are going to have to take a little bit of a longer term look at this market. Either way, I do think it’s almost impossible to short this market. So, I look at it as finding value on dips and taking advantage of it. I believe that will probably be the way going forward.

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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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