Bitcoin Price Forecast – Bitcoin Continues to See Buyers on Dips

Bitcoin Technical Analysis

The Bitcoin market has bounced quite a bit during the early hours on Friday, as the market continues to see more of a buy on the dip attitude. The $60,000 level, of course, is an area that will attract attention as it is a large, round, psychologically significant figure. And more importantly, perhaps, is that it is an area that has been important previously. Because of this, I think you’ve got a situation where short-term pullbacks continue to get bought in this area as the traders continue to look for value.

On the other hand, if we continue to rally from here, the $62,000 level is an area of previous resistance and now more likely than not to do so again. Breaking above that level opens up the possibility of a move to the $64,000 level. If we turn around and break down below the $60,000 level, then the market could go looking to the $57,500 level after that.

I do think that Bitcoin is starting to bounce around. Therefore, I think it probably stays range bound more than anything else. After all, since we got that ETF, we really haven’t done anything. We’ve just kind of gone back and forth in a fairly large range. As things stand right now, it looks like the buyers are in control, at least for the moment. That being said, this is a market that looks like it will continue to be a short-term trading environment more than anything else.

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