Bitcoin Price Forecast – Bitcoin Continues to Hang Onto Range

Bitcoin Technical Analysis

The Bitcoin market has rallied a little bit during the early hours on Monday, but quite frankly, there’s not a whole lot to make out of it other than, we have bounced from the crucial $57,500 level. This is an area that’s been important more than once, so it’s not a huge surprise to see that it has offered support. However, it’s also worth noting that the Americans and the Canadians were away at Labor Day. So, I do think you have a situation where market participants are probably taking advantage of less liquid markets. This can sometimes lead to bigger moves, but at this point, Wall Street is involved, so I wouldn’t hold my breath for this.

Nonetheless, going back several weeks, the $57,500 level has been important. So, all of this lines up quite nicely with a market that is going to stay range bound. The ceiling in the range at the moment is $62,000. And if we were to break above there, it could be a big deal. But right now, I think you’ve got a scenario where it just is going to drift higher. Bitcoin is essentially looking lost at the moment.

So, with that being said, Wall Street got its ETF, got its money from all the transaction fees, and now we’re just kind of sitting here doing nothing. I think the Bitcoin market is going to be very much like the S&P 500. It will rally over the longer term, but it won’t do so in a stunning fashion like it used to.

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