Bitcoin Price Forecast – Bitcoin Pulls Back to Look For Support

Bitcoin Technical Analysis

The Bitcoin market has fallen rather hard during the course of the early hours on Monday as we continue to see a lot of volatility. All things being equal, this is a market that I think continues to see a lot of noise and a lot of uncertainty, but I do think that we have plenty of buyers underneath to take on the idea of Bitcoin reacting positively to the Federal Reserve cutting rates now that we had made a higher high for the first time in a couple of months, which is something that I had been waiting on to get bullish about.

It does suggest that perhaps we could turn around and go much higher. All things being equal, I do believe that the $60,000 level will be an area that a lot of people are going to have to pay close attention to. The $62,000 level was also supported and therefore I think it all ties together for a nice opportunity to pick up Bitcoin when it does drop.

If we do break to the upside, I think we will go looking to the $70,000 level, but I don’t think we’re going to get there right away. I do think that Bitcoin continues to be very noisy due to the idea of uncertainty out there and that of course has Bitcoin traders a little bit nervous. And I think that’s probably going to be true with all assets that rely on risk on behavior.

For a look at all of today’s economic events, check out our economic calendar.