Bitcoin Price Forecast – Bitcoin Digests Gains From Previous Session

Bitcoin Technical Analysis

The Bitcoin market initially tried to rally a bit in the early hours on Tuesday, but then gave back some of the gains as the $66,000 level continues to be important. A pullback from here does make a certain amount of sense, but I think after the surge that we have seen on Monday, it does make a certain amount of sense that there has to be a little bit of digestion of those gains before we make another surge to potentially break higher.

Short term, I do think a little bit of a give back makes a certain amount of sense for the Bitcoin market, and it allows the opening of a longer term move, perhaps to the $70,000 level. Underneath, we have massive support at $62,000, so if we were to break down below there, that somewhat blows the theory of a pullback and a surge out of the water. But it does make a certain amount of sense, because we have been, over the last six weeks or so, doing what we can to turn things around in what has become a very stagnant market since February.

To the upside, the most important number is going to be somewhere near $73,750 because if we can break that, then we’re into the next leg higher. As things stand right now, the market looks as if it’s an ETF, which makes sense considering the largest holdings at this point in time are an ETF, and Wall Street continues to pile into the market.

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