Bitcoin Price Forecast – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

Bitcoin has done very little over the last several candlesticks on the four-hour chart, as you can see. The $69,000 level seems to be an area of interest as we are trying to build up pressure, but really just don’t have any follow through at the moment. With that being the case, I think you have a situation where you have to look at Bitcoin as a positive asset, but also one that is still to this day, trying to work off some of the excess froth from that massive run when the institutions started to get involved in the ETF.

With that being said the market does remain positive and the market also has recognized the $73,000 level as a major resistance barrier. I think that will continue to be one thing that you have to pay attention to, whether or not we can break above $73,000 that is, because if we do, then it kicks off the next, perhaps buy and hold move higher.

Underneath, we have a massive support level in the form of $67,000. And I think that’s an area that you will have to pay close attention to because if we were to break down below there, then we probably have a deeper correction ahead. As things stand right now though, it looks like every time we dip, there are buyers willing to get involved and eventually they should overcome those looking to short Bitcoin, and the previous resistance in general.

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