Bitcoin Price Forecast – Bitcoin Continues to Drift Back And Forth

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the course of the trading session on Thursday, as we are trying to test the $62,000 level. If we can break above the $62,000 level, then we can go much higher, perhaps trying to reach the $65,000 level. Short-term pullbacks will almost certainly see plenty of support near the $60,000 level, which is a large round psychologically significant figure, and then again at the $57,500 level.

Keep in mind that Bitcoin has essentially been hanging and going sideways for several weeks now. And really at this point, I think we are trying to figure out what we want to do as far as risk appetite is concerned when it comes to the current environment.

Quite frankly, Bitcoin has underperformed since the ETF inflows came and pushed prices higher. If we do break down from here and fall below the $57,000 level, then it’s possible that we could test the $50,000 level, which for me is the floor in the uptrend. Anything below there and Bitcoin really looks very weak.

On the other hand, if we do break out to the upside, we will not only visit the $65,000 level of it, possibly the $70,000 level after that. One thing is for sure though, it’s not a very volatile market at the moment. And we’re just simply drifting back and forth. You could make a little bit of an argument for a complex inverted head and shoulders on the four hour chart, but that’s probably reaching.

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