Bitcoin Price Forecast – Bitcoin Continues to See Support Underneath

Bitcoin Technical Analysis

Bitcoin bounced a bit during the early hours on Wednesday, as it looks like the market is going to continue to see the 57,500 level as a bit of a floor. All things being equal, this is a market that I think is going to continue to see a lot of back and forth noise. And as we are at the bottom of the range, I think that we’ve got to look at this through the prism of 62,000 above being a resistance barrier and perhaps some type of target.

If we can clear the $62,000 level, then it opens up a move to the $64,000 level. On the other hand, if we were to turn around and break below the $57,500 level, then I think we could see the market really starting to fall apart, perhaps reaching towards the $50,000 level.

In general, this is a situation where Bitcoin has been somewhat stagnant and sideways since the ETF was released. And therefore, I think you’ve got a situation where we are just hanging around trying to sort out what we’re going to do in the longer term.

Range Bound traders love Bitcoin right now, but Bitcoin evangelists, probably not so much. This might be the new scenario for Bitcoin where we are just hanging around and kicking back and forth because we don’t even know if it’s ever going to be used. And now that Wall Street has their hands on it, there’s a lot more institutional pressures and they don’t like 15% moves per day. So those days are gone.

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