Bitcoin Price Forecast – Bitcoin Continues to Pressure The Upside

Bitcoin Technical Analysis

Bitcoin rallied slightly in the early hours on Friday as we continue to threaten the $68,500 region, which is an area that’s right in the middle of a lot of noise. I think at this point in time, short-term pullbacks probably continue to attract a certain amount of attention, especially as the Bitcoin market moves on the idea of the Federal Reserve cutting rates and more fiat currency pumping, then traders will run to Bitcoin because it is limited supply. The problem, of course, is it’s a limited supply of what? We don’t really know at this point in time.

So, unless you’re assuming that Bitcoin is going to actually be a form of payment, it’s kind of interesting how many different things Bitcoin has been over the years and yet it’s really been none of them. What we do have though is an ETF that is certainly going to be manipulated by Wall Street and therefore I do think it has an upward slant in general, but they do not want their new shiny ETF to fail.

So, they will do what they can to pump it up and then sell it to other people, not on Wall Street later, here, hold my bags kind of move. That being said, short-term pullbacks, I do think it held pretty firmly to the upside, probably right around the $62,000 level. I think you would see quite a bit of support. And then again, at the large, round figure of $60,000.

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