Bitcoin Price Forecast – Bitcoin Continues to See Noisy Upward Pressure

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit after initially rallying overnight, and now it looks like we are just simply going to go back and forth in this general vicinity. In general, I think this is a scenario where the $62,000 level underneath would continue to see quite a bit of support. It was resistance and now that we’ve broken above this, we are looking stronger and stronger. We still have to get above 65,000 to technically make a higher high on a longer-term chart, because you can see since the ETF came out from Wall Street, we’ve done nothing but go lower as the interest hasn’t been as strong as people would have thought.

We’ve gotten really close this time, so I’ll be watching 65,000. If we can recapture that, that’s probably a good sign. However, you can see that we are running into quite a bit of resistance, so the close for the week is going to be important. If we close below the $62,000 level during the trading session on Friday, I suspect that we will get a little bit more of a pullback, perhaps down to the $60,000 level.

On the other hand, if we can finish Friday above $65,000, that would be extraordinarily positive. While Bitcoin has hung in there, that’s about as much as you can say about it after the ETF has been released. We’re still looking for a reason for it to go higher.

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