Bitcoin Price Forecast – Bitcoin Continues to See Downward Pressure

Bitcoin Technical Analysis

The Bitcoin market fell a bit during the early hours again on Tuesday as we continue to plow lower towards the $65,000 level. This of course, is a large round psychologically significant figure, and a lot of people will be paying close attention to it. So far it has held as support as seen over the last couple of trading sessions and then again back in late May when we tested it previously. At this point we have to ask whether or not the buyers will return.

But I still believe in the longer term uptrend of Bitcoin, at least at the moment. If we do break down from here and make a fresh swing low, it’s very possible we could drop towards the $60,000 level, which has been supported quite often as well on the daily chart. So I don’t necessarily think you’re looking to short Bitcoin. I think what you’re looking for is a little bit of upward momentum to know that it’s time to get involved again.

Bitcoin is extraordinarily driven by momentum, pretty much nothing else, so it’ll be interesting to see how that plays out. Above, we have the $67,000 level offering a bit of short-term resistance as there’s a lot of market memory attached to it and I think that will continue to be the case. Because of this, I’m cautiously optimistic but I’m not in a rush to throw money at this market right now. We are in the midst of the dead of summer when things slow down typically anyway. And now that Bitcoin is a Wall Street asset, it may start to follow cyclical patterns just like anything else.

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