Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

The Bitcoin market has found itself to be somewhat noisy in the early hours of Wednesday, testing $59,500 level before finding a little bit of stability. Keep in mind that Wednesday features the FOMC meeting at the end of the day, and perhaps more importantly, the press conference. This could have a major influence on Bitcoin as traders will try to gauge what’s going to happen with the US dollar over the next several months. That has a direct influence on what happens to Bitcoin because quite frankly, the whole purpose of Bitcoin is to get away from money printing.

So really at this point in time, I find it interesting that we have not rallied more than we have seen because quite frankly, we know that the Federal Reserve is about to start cutting. It’s a very interesting turn of events. I’m not saying that Bitcoin can’t continue to go higher and eventually make a fresh new high. Of course it can. But at this point in time, it doesn’t act quite right.

And in this environment, it’s okay to buy dips, but I would not be a chasing trader at this point, as I recognize that the $62,000 level might be difficult to get above. Underneath we have the $57,500 level offering support. In general, this is a market that I think continues to be noisy, but there is plenty of support. It’s an ETF on Wall Street after all, and this means that the market has a desire to have it succeed.

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