Bitcoin Price Forecast – Bitcoin Continues to See Noisy Support

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the course of the trading session on Monday, but really at this point in time, I think what we’re doing is paying closer attention to the overall short term ceiling near the $65,000 region. All things being equal, if we can break above there, then I think that is a very bullish sign. And we could see Bitcoin rise $2,500 rather quickly. On that pullback, we could see the market look to the $62,000 level underneath, which is an area where we see a lot of support as well.

The 50-day EMA sits right around that area as well. And therefore, we have a situation where traders will continue to look at that as a potential buying opportunity. Anything below there then opens up the possibility of a move down to the 200 day EMA, closer to the $60,000, which in and of itself has a significant amount of support and psychology attached to it.

In general, this is a market that I think continues to see a lot of buy on the dip behavior, but we just don’t have the momentum quite yet. Last week we had seen traders react positively due to the 50 basis point rate cut last week by the Federal Reserve, but we still haven’t really seen it take off. So, I think this remains by on the dip, but I also think it remains very noisy going forward as traders are trying to do anything they can to hang onto this asset through the chop.

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