Bitcoin Price Forecast – Bitcoin Continues to Look for its Floor

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit in the early hours on Wednesday only to turn around and show signs of life. All things being equal, this is a market that I think continues to see a lot of noisy behavior, and I also think that we will be paying close attention to the $57,500 level for some type of sign as to which direction we are going.

If we can break above there, then the market could go looking to the $59,000 level, an area that has offered a little bit of resistance as well. On the other hand, if we break down below the lows of the Tuesday session, then it’s possible that we could go down to the $53,000 level. I think at this point, Bitcoin doesn’t really know what it wants to do. And therefore, I think you’ve got a situation where the market is just kind of bouncing around and trying to sort out what it wants to be as far as bullish or bearish.

Keep in mind that now that we have the ETF, a lot of people are looking at this more like an index these days as far as what risk appetite is. If risk appetite picks up, Bitcoin goes higher. If it falls, it falls. Bitcoin is no longer its own entity, it’s part of the global financial system, and therefore it’s going to move in lockstep with everything else. It’s also going to squash volatility. You’re not going to be seeing 15% gains in a day anymore. That literally, I don’t think, I don’t think it can happen at this point. That being said, this is a market that probably is due for a bounce, but I wouldn’t expect too much.

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