Bitcoin Price Forecast – Bitcoin Bounces in The Early Hours on Monday

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Monday and it looks as if we are trying to recover in general. The $60,000 level above will cause a certain amount of noise, obviously, and therefore we need to understand that this big figure could cause a little bit of noise, but really it has been sliced through enough times that I don’t think it’s like a brick wall or anything.

If we can break above the $62,000 level, then it’s likely that we could go looking to the $70,000 level. If we were to break down below the $57,900 level, then I think it opens up a move down to the $54,800 level. Underneath there, then you have the $50,000 level, which is a complete floor in the market from everything I see. If this gets violated to the downside, this could be a huge red flag and would almost certainly cause some kind of crash in this market. However, it looks like the defenders are steadfast in that region at the moment.

It’ll be interesting to see how this plays out, but one thing is for sure, you have to keep an eye on risk appetite in general. Bitcoin is now a risk appetite ETF on Wall Street. That’s all it is. And like it or not, that’s how it’s going to trade. So, if we see people out there willing to throw money into riskier assets, Bitcoin will do well. And if they’re not, then it won’t. It’s really that simple.

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