Bitcoin Price Forecast – Bitcoin Continues to See Pressures

Bitcoin Technical Analysis

Bitcoin bounced a bit in the early hours on Monday, as it looks like we are trying everything we can to hang on to any type of support. At this point, I think it’s very crucial to pay attention to the $60,000 level, because if we can recapture that, then I think Bitcoin has a real shot at rallying. However, it is likely that we are going to continue to see a lot of noisy behavior, but ultimately this is a market that, if we were to break down below the $54,000 level, then we could see this market drop pretty significantly. At that point, I think you would drop another $5,000 rather quickly as a result.

Bitcoin has been beaten up recently and I think it’s worth paying close attention to whether or not we can bounce, but it’s going to be very, very difficult to sort out whether or not we can show any type of momentum. Remember Bitcoin’s all about momentum. It’s not really about anything else.

So, if that’s going to be the case, then FOMO comes in and retail traders come in and pile into it. I don’t think it’s going to collapse, but it certainly doesn’t look very strong at the moment. So, I think you have plenty of time to wait to see whether or not there’s an impulsive push to the upside because if there not, then there should be plenty of support underneath, probably closer to about $49,000.

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