Bitcoin Price Forecast – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

Bitcoin continues to go back and forth as we really don’t have anywhere to be. We are pressuring a potential resistance barrier in the form of the $65,000 level, but ultimately, I think we’ve got a situation where a lot of traders are just looking at this as a buy on the dip scenario, being very cautious about trying to jump into this market and getting overexposed.

The $62,000 level underneath should continue to be a significant support level that a lot of people will pay close attention to. If we were to break down below there, then it’s possible that we could see the markets really kind of fall apart.

I don’t necessarily believe that is what we will see. After all, the central bank reactions to the monetary scenario around the world is to cut rates and that is exactly what helps Bitcoin and other risk on assets. So, I do think sooner or later we will have a situation where traders just simply buy anything to get out of, for example, the dollar. If we were to break down below the $62,000 level, then I think somewhere around the 60,000 traders will be looking at it as a potential buying opportunity.

If we do break out above the $65,000 level, then I think you’ve got a scenario where the market continues to go much higher and maybe even reach towards the $70,000 level. From a longer term perspective, we are forming a basing pattern, but we don’t have the momentum necessary to break out quite yet.

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