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Bitcoin Weekly Price Forecast – Bitcoin Has a Tough Week

By:
Christopher Lewis
Published: Jun 21, 2024, 16:46 GMT+00:00

Bitcoin has fallen again during the week, as we just simply cannot pick up any momentum. The market has been consolidating for almost 4 months now after the initial surge higher due to Wall Street getting involved. At this point, it just doesn’t have any momentum.

In this article:

Bitcoin Weekly Technical Analysis

Bitcoin initially tried to rally during the trading week but has shown itself to be wanting at the $67,000 level. We have since fallen quite a bit and ultimately, I think at this point in time we are going to see the market drop towards the $60,000 level. The $60,000 level of course is a region that is a large round psychologically significant figure and therefore people will be paying close attention to it.

It’s also an area where we’ve seen some support in the past so I think it does make a certain amount of sense that we would continue to see a lot of buyers perhaps try to defend that area. The market has been consolidating for basically four months since the massive amount of inflow into the ETF space started.

So, it looks like we’re just killing time. When we get closer to $60,000, it does offer value. But if we break down below there, we could see a pretty significant unwind, maybe down to $52,000, where the 50-week EMA currently resides.

At this point there’s really nothing to push bitcoin higher because the Federal Reserve doesn’t look like it’s ready to cut rates and if it does this year, it’s probably going to cut once. That’s not really enough to get bitcoin flying. Remember bitcoin has never really dealt with tight monetary policy for a significant amount of time.

It has performed fairly well but there are a lot of external factors at the moment, not the least of which of course is going to be Wall Street. I think at this point in time we are stuck in this range and will continue to be so.

For a look at all of today’s economic events, check out our economic calendar.

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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