Bitcoin Price Forecast – Bitcoin Continues to Stabilize

Bitcoin Technical Analysis

The Bitcoin market has been a bit sideways over the course of the last couple of days, and that’s a good sign because it had pulled back rather drastically from the $70,000 level. Regardless, this is also perhaps in reaction to the United States moving Bitcoin around the blockchain. After all, Donald Trump has suggested that the United States would build up a Bitcoin reserve, so the Biden administration the very next day moves it. Politics, as usual.

However, the Bitcoin market is in a bullish run at the moment, and I do think that eventually we will try to do everything we can to reach the $73,000 level and retest that major swing high. I still postulate that Bitcoin is a market that you are buying on dips, but you want to do so slowly because quite frankly, this is a market that can be very, very volatile at times.

I see a significant amount of support near the $64,000 level, and again, near the $60,000 level. I don’t have any interest in shorting this market, at least not anytime soon, but keep in mind we also have a Federal Reserve meeting on Wednesday, which of course has a major influence on the US dollar, which of course this is priced in. So, It’s certainly going to have a knock-on effect. We’ll just have to wait to see what it is. Quite frankly, if it sells off, I’d be looking to buy it in little, tiny increments.

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