Bitcoin Price Forecast – Bitcoin Continues to Look Supported on Monday

Bitcoin Technical Analysis

The Bitcoin market has rallied rather significantly during the early hours on Monday to break above the $64,000 level. At this point in time, we are paying close attention to $65,000 and of course, $66,750, an area that caused a bit of resistance previously. At this juncture, I do think the short-term pullbacks are probably more likely than not.

And I do think that the $62,000 level should offer a certain amount of support. As things stand right now, if we can swing to another high, then it will bring in more confidence to the market to go looking to the $70,000 level, possibly even the $74,000 level. All things being equal, this is a market that continues to be very noisy and therefore you need to be very cautious about your position sizing.

If we were to turn around and break down below the 50 day EMA, then the market could go looking to the $60,000 level, but really at this point in time, $60,000 I think is your floor. Anything below there, then you start to worry again. When you look at Bitcoin over the last several months, it really hasn’t gone anywhere. So, I think we’re just trying to grind toward the top of the overall consolidation area that most of this year has been about.

Wall Street has its Bitcoin ETF now so they will protect it. They will make sure that it at least stays stable but whether or not it takes off is a completely different question. There will come questions about adoption center later because quite frankly, it’s not being used for anything so there’s a lot of the population who has zero interest in Bitcoin and that is kind of its inherent problem, and I think that’s what you’re seeing play out on the charts, just how FOMO driven it is but in the real world, we haven’t even found the proper use for it. So beyond cross border transactions, it really doesn’t serve much of a purpose at this point. And therefore, I think the price will continue to reflect a lot of confusion.

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