Bitcoin Price Forecast – Bitcoin Continues to See Lackluster Performance

Bitcoin Technical Analysis

The Bitcoin market has continued to drift sideways overall, and at this point in time, the market looks as if it is going to continue to see a lot of sideways to slightly positive action over the longer term. The Bitcoin market also has to deal with the idea that perhaps the overall risk appetite of markets continues to be the biggest driver. After all, the Bitcoin market really hasn’t done anything for months. There have been a couple of moves here and there in a negative sense, but really it just doesn’t have any upward momentum to speak of, at least not for a sustained move.

If we break down below the $55,000 level, we could drop to the $50,000 level rather quickly. On the other hand, if we rally from here and break above the 59,000 level, then we could go looking to the 62,000 level. In general, I think now that we have this Bitcoin ETF, it’s likely that it behaves more like an index, something like the S&P 500 and with that being the case, I think you’ve got a scenario where it will gradually go higher, but the reality is not very overly excitingly bullish for Bitcoin, at least at the moment. And there are a lot of questions to be asked about financial risk appetite out there. And with that being the case, certainly Bitcoin being so far out on the risk spectrum it could be vulnerable to sell-offs in other markets. So do keep that in mind.

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