Bitcoin Price Forecast – Bitcoin Continues to See Support Underneath

Bitcoin Technical Analysis

The Bitcoin market has rallied slightly during the early hours on Friday, and so we continue to see the 50 day EMA attract a certain amount of attention. That being said, Bitcoin is a market that is trying to sort out whether or not we are going to hang about the $60,000 level, or if we are going to go higher and look towards the $73,000 level. Short-term pullbacks at this point in time will continue to be buying opportunities more likely than not, unless of course, we break down below the most recent swing low.

Because in that situation, I think you have a potential move down to the $52,000 level, which is an area that previously has been bone support and resistance. After that, then we have the 200 day EMA coming into the picture offering support. In general, this is a market that I think, given enough time, we will probably try to go higher, perhaps building a consolidation range between $60,000 and $73,000. Whether or not we hold in there remains to be seen but pay close attention to the interest rates in the United States, and of course the strength of the dollar.

Although Bitcoin and the dollar can rise at the same time, it just kind of depends on why. So, with that being said, I think you have to look at this, at least in the short term as a small piece of your portfolio because quite frankly, even though we are trying to stabilize a bit, this isn’t exactly the most bullish looking recovery.

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