Bitcoin Price Forecast – Bitcoin Continues to See Hesitation After Rally

Bitcoin Technical Analysis

The Bitcoin market has been very quiet during the early hours on Thursday, and quite frankly that shouldn’t surprise you as we had gone straight up in the air for the previous four or five days. So now we are just simply starting to deal with the idea of gravity. Nonetheless, this is a market that I think given enough time will probably have to challenge the $67,000 level. The $67,000 level of course is an area that’s been important multiple times.

And I think at this juncture, you have to look at this through the prism of a market that could pull back and offer a value closer to the 50 day EMA, or perhaps even the $60,000 level. On the other hand, if we do break to the upside and clear the $67,000 level, then I think the market could go looking to the $73,000 level. Either way, I think that any pullback from here isn’t necessarily something to worry about. It just offers a little bit of value.

Momentum, of course, will be back and forth in this market, but all things being equal, it looks like we have tried to solidify the idea of a range-bound market. If that’s going to be the case, then we are roughly in the middle of that range, so it all ties together quite nicely. It’s not until we break down below the $56,500 level that I would be concerned about Bitcoin, although one has to wonder, how bitcoin is going to behave going forward. After all, it’s now in the hands of Wall Street.

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