Bitcoin Price Forecast – Bitcoin Continues to Meander

Bitcoin Technical Analysis

The Bitcoin market pulled back just a little bit during the early hours on Monday, but it looks as if we are still finding a lot of support near the $58,000 level. Underneath there, we have the $56,000 level offer and support as well. In general, this is a market that I think continues to be somewhat sideways. At this point in time, the market will continue to be looking towards risk appetite and what exactly that risk appetite entails.

We’ll have to wait and see. But a lot of times you can use the NASDAQ 100 as a bit of a gauge as to whether or not people are willing to step out on the spectrum. There are some other markets as well, such as emerging market currencies, especially commodity related ones like the South African Rand and Australian Dollar.

Keep in mind that this is a market that has regularly bounced back and forth, but it looks like the highs are getting lower. So, although I don’t think it breaks down rather significantly, and as long as we are above $50,000, I think we’re generally okay. It’s not exactly a market that wants to take off either. Wall Street got a ETF and everybody’s put their money into it, so now people are still trying to figure out what to do with it. I think that’s what we’re going to continue to see. More of a back and forth, perhaps buy the dip type of scenario, but not necessarily an extremely bullish market anytime soon.

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