Bitcoin Price Forecast – Bitcoin Continues to Look For Buyers

Bitcoin Technical Analysis

The Bitcoin market dropped a bit during the early hours on Tuesday as it looks like we are going to fall enough to test the $62,000 level. The $62,000 level of course is an area that previously has been resistance and now, I would assume, should offer a little bit of support due to market memory. It’s also worth noting that the Bitcoin market has been slumping for a few days, but it’s been doing so very slowly.

And I think this comes down to the idea that we really don’t have any drive to go anywhere. Now that doesn’t necessarily mean that we are going to break down and I think there is plenty of support all the way down to the $57,500 level.

In general, if we turn around and break higher than the $65,000 level that opens up the possibility of a bigger move towards the $70,000 level. I’m not a huge fan of Bitcoin. I think it’s probably still trying to sort out what that the easier path is most certainly higher. It just might be at a much slower pace than the average Bitcoin trader is used to. It’s a Wall Street asset now, so it changes the overall complexity of the markets in general, and with this – it will be difficult to see how the market truly takes off without some kind of momentum reentering.

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