Bitcoin Price Forecast – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

Bitcoin has done very little during the trading session on Friday again, as we just don’t have anywhere to be. At this point, it looks like we are consolidating with the $62,000 level above being significant resistance and the $57,500 level underneath being significant support. In general, this is a market that I think is trying to get a grasp on the idea of risk appetite and what that might be going into the future.

So, I like the idea of just simply looking at this as a range bound market that perhaps you could be a buyer of dips. If we break above the $62,000 level, then if we do that, I think we probably go looking to the $65,000 level. Underneath the $57,500 level is support. And I think ultimately if we break down below there, we could see the market break down even further.

The absolute floor in the market is the $50,000 level. And that is something that if broken, will smash the trend. It doesn’t look like we’re in a real threat of that happening right now. And I think basically we’re just sitting around trying to figure out what to do with ourselves after the ETF was created several months ago. In other words, there is no real desire for traders to get aggressive at the moment, and this will continue to be a major problem for those who are hyper bullish of bitcoin, as there are so much ‘religious fanatics’ that are praising how Bitcoin fixes everything. At this point, it looks like Wall Street has its hands on it, and it has lost momentum as a result.

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