Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Thursday as we continue to try to sort out whether or not the $60,000 level will hold. So far, it looks like we are trying to do so, but it’s going to be very noisy. If we break down below the $58,000 level, that could be a very negative turn of events. But right now, I think we’ve got a situation where we are just simply bouncing around, trying to figure out whether or not we can continue the recovery. So far, during the early hours, it looks like we are at least going to fight in that direction, but I recognize that it could be a big move that is necessary to get the Bitcoin market back to the $67,000 level.

Remember, it’s now a Wall Street asset, so it’s probably going to be a lot more boring than it once was. If we can break above the $63,000 level, then it’s possible that we could go look into the $67,000 level as a magnet for price. Anything above there opens up the possibility of the $72,000 level.

If we break down below $58,000, then it opens up the possibility of a move down to the $52,000 level underneath. Either way, I think you are going to see a lot of noisy and choppy volatility, but it does look like we are in an area where a lot of people are going to be looking to get involved in picking up cheap Bitcoin as it were.

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