Bitcoin Price Forecast – Bitcoin Continues to Look Lackluster

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Friday as we continue to try to determine whether or not we can bounce significantly or if we are just going to fall flat and go sideways. Quite frankly, Bitcoin has underperformed in a massive way since the Wall Street ETF was released, and therefore it’s a bit lackluster in its appearance.

The market currently sees the $57,500 level as a major support level, and the $62,000 level above as a major resistance barrier. As we have been hanging around in this area most of the week, and several weeks before, it makes a certain amount of sense that we are still in the midst of trying to sort out what to do next. If we were to break above the $62,000 level, it opens up the possibility of a move to the $65,000 level, which we did try to break at the very beginning of the week.

Underneath, if we were to break down below the $47,500 level, then we could drop to the $50,000 level, which of course has a lot of psychology attached to it. Quite frankly, I think Bitcoin is just not impressive right now. It’s not necessarily a market that I would go short. It’s just, it doesn’t seem to have any real desire to go higher. Because of this, I think a lot of long-term holders are probably adding to their positions at this point in time, as the lack of volatility makes it easier.

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