Bitcoin Price Forecast – Bitcoin Continues to Look Lost Overall

Bitcoin Technical Analysis

The Bitcoin market has found itself a little bit supported as we have bounced from the $56,000 level in the early hours of Wednesday. That being said, it’s worth noting that the market does have a little bit of a barrier in the form of $57,500. And I think that is an area breaking above there could open up a bigger move.

Really at this point in time, if we do break above there, then we could be talking about a move all the way to the $62,000 level, a market move below the $56,000 level opens up the possibility of a move down to the $54,500 level. Keep in mind, Bitcoin has been lackluster for quite some time, and even though we’ve rallied here, has anything really changed? I guess that’s one of those things that a lot of people need to pay close attention to.

The $57,500 level continues to be a little bit of a fulcrum for price, and I think traders will continue to look at this through the prism of a market that quite frankly, probably needs to make up its mind for a longer term move. In the meantime, though, I think we’re just kind of lost. We don’t really know what to do with ourselves.

But when you look at the longer term chart, we do see lower highs, and that has not changed. So, with that being the case, keep that in mind. Probably keep your expectations under control when it comes to any move to the upside.

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