Bitcoin Price Forecast – Bitcoin Rallies But Shows Hesitation on Monday

Bitcoin Technical Analysis

Bitcoin initially rallied on Monday but has given back some of the early gains as it looks like we are going to continue to see resistance above. That’s not a huge surprise because quite frankly, Bitcoin is a market that is going to remain volatile in a scenario where we don’t know what central banks are doing. There’s a lot of questions out there when it comes to central banks and interest rate decisions.

And of course, that has a major influence on Bitcoin, which was created directly from the need to avoid central bank printing. So, with that being the case, we need more printing for Bitcoin to go higher over the longer term. That is a scenario that I think we continue to see buyers on dips though, with $60,000 underneath being a potential support level.

If we can break above the $66,000 level, then it’s possible that Bitcoin could go back to the $73,000 level, and I think that probably happens given enough time. But right now, we need to solidify the base that we had been building around that aforementioned $60,000 level. If we were to break down below the latest swing low, which was closer to the $57,000 level, then I think we drop to the $52.000 level which puts us right in the sites of the 200 day EMA.

Regardless I don’t have any interest in trying to short this market. I think it’s one that probably eventually goes higher or at the very least goes sideways for a while in order to try to take advantage of froth and therefore eventually builds enough base and stability that people start to throw money at Bitcoin again.

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