Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

Bitcoin has been very quiet, as you can see on the four-hour chart in the early hours again on Thursday, as we continue to hover around the $71,000 level.

This is a market that I believe is probably waiting to see what happens with the non-farm payroll announcement as it could give traders an idea as to what the Federal Reserve may or may not do in the next few months. Ultimately, I think this is a market that every time we pull back, there are plenty of buyers that are willing to get involved. Underneath we have the $67,000 level, I think offering a bit of a floor in the market.

Despite the fact that we really haven’t had momentum, we do have plenty of support underneath. If we were to break above the $73,000 level, then we would probably go much higher. At that point, it becomes more or less a buy and hold situation. It’s interesting that we’ve seen the market go back and forth and therefore I think we have a situation where we probably don’t have a lot to do here other than to pick up dips, recognizing that this is a much more stable environment than we previously have had.

After all, the wild west days of Bitcoin are probably over now that institutions are in there and now that we have seen a massive move higher over those previous six weeks, the last couple of months have just been about digesting all of this noise. If we can break above 74,000 then it’s likely we go much higher but until then I think this is short-term buy on the dip trading.

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