Bitcoin Price Forecast – Bitcoin Continues to Look For Support

Bitcoin Technical Analysis

Bitcoin plunged again during the early hours on Wednesday, as it seems like we’re doing everything we can to test the $60,000 level. This could be an entry, but you also need to be willing to cut your position quite quickly if we do in fact continue to drop from here.

The $60,000 level of course is a large round psychologically significant figure and I think that opens up the possibility of a lot of institutional money coming in, but you should also keep in mind that Thursday is Independence Day in the United States, so Wall Street won’t be involved. And then of course, Friday we have the jobs number, which can have major implications on a lot of markets, not just Bitcoin.

So, I think the next couple of days could be rather noisy and tough. We’ll just have to wait and see, but given enough time, I do think that eventually the buyers will come back in. I do think this is an area where the market has made it clear that they are willing to jump in and get involved. Whether or not that ends up being the case this time, of course we still have to wait and see, but it certainly would be an intriguing place to start buying.

Anything below $58,000 though could open up a trap door and we could see Bitcoin really start to fall apart at that point. Just above, I see the $63,000 level as your first potential target, but again, I would expect pretty choppy and noisy behavior over the next couple of days as liquidity could be a bit of an issue.

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