Bitcoin Price Forecast – Bitcoin Continues to Look Noisy

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be rather noisy during the trading session on Friday as we are trying to digest a lot of gains we are above the crucial $60,000 level. So that in and of itself is a bullish sign. That being said, it’ll be interesting to see how this plays out because quite frankly, I think this is a market that will continue to be very noisy due to risk appetite being all over the place. If we break back below the $60,000 level, then somewhere around the $57,000 level, I would expect to see support.

If we break down below there, then we could go looking to the $54,000 level, followed by the $50,000 level. A move below the $50,000 level would, of course, be very negative from a psychological standpoint, and it could accelerate selling. If we can break back above the $64,000 level, then I would be convinced of the momentum coming back and probably sticking with us at least up to the $70,000 level.

Keep in mind that Bitcoin is highly sensitive to risk appetite and right now, risk appetite is all over the place. So, with that being said, the market continues to be very noisy, but we do have these levels to pay close attention to in order to guide us as to which direction we should be trading. Once that happens, there will be a lot of “FOMO”, which is typical in this market most of the time.

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