Bitcoin Price Forecast – Bitcoin Continues to See Noise on Monday

Bitcoin Technical Analysis

Bitcoin has pulled back just a bit in the early hours on Monday, as it looks like we are perhaps trying to reach down towards the $62,000 level, an area that previously has been resistance, so it should now be support. That being said, it’s likely that we will continue to see a lot of noisy behavior and also show itself to be a market that I do think there are buyers out there willing to get involved. That being said, I just don’t know that we have anywhere to be when it comes to Bitcoin because quite frankly, since we got the ETF on Wall Street, it suggests to me that the market is just simply treating this more or less like a risk appetite based ETF.

I don’t necessarily think this is a situation where traders will look to this as a market they want to pile into with a ton of money because the risk appetite out there seems to be very fickle at the moment. Longer term, this is probably a market that goes higher if for no other reason than Wall Street continues to buy into it, but they haven’t gotten head over heels in love with Bitcoin like some traders have. I do recognize that long gone are the days of 12% gains. I don’t think you’ll see those ever again.

The Bitcoin market is highly influenced by risk appetite and other markets now as well. So, there is a certain amount of correlation to even the stock market. So, watch that. It remains more or less buy on the dips, but it will for the most part put you to sleep.

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