Bitcoin Price Forecast – Bitcoin Continues to Look For Direction

Bitcoin Technical Analysis

The Bitcoin market pulled back just a bit in the early hours on Wednesday as we dipped below the crucial $62,000 level. The $62,000 level has been a bit of an attraction for the market and therefore I think we will continue to go back and forth in that general vicinity. If we do break down from here, then the $60,000 level could come into the picture as major support.

On the upside, the $63,000 level will almost certainly offer a significant amount of resistance above, and I think we will have to pay close attention to that as well. In general, this is a market that I think just doesn’t really know what to do with itself right now. And with this being the case, you have to assume that it is going to be a very choppy and grinding market. After all, we had the major move higher for the ETF, and then just kind of drifted.

All things being equal, I do think that it is more or less a buy on the dips type of market, but I also recognize that we have a scenario where traders just aren’t that excited about Bitcoin. It is a Wall Street ETF now, it’s nothing else. The idea that we’re going to get 12% gains per day occasionally is no longer a thing. With that being said, I think this is a market that starts to behave almost like a bond fund. You put some money into it as part of your portfolio and just leave it be. I expect more of the same quiet behavior that we have seen for a while.

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