Bitcoin Weekly Price Forecast – Bitcoin Breaks Higher Again

Bitcoin Weekly Technical Analysis

The Bitcoin market has rallied significantly during the course of the week as we continue to see plenty of buyers. In fact, at the end of the week we are seeing Bitcoin finally make a higher high. Beyond that, we are also above the $65,000 level, and I think given enough time, we could go looking to the $70,000 level.

Short-term pullbacks, of course, will be buying opportunities with the $62,000 level underneath could be supportive. Anything below there then opens up the possibility of a move to the $57,500 level. All things being equal, this is a market that continues to see a lot of noise, but it also makes it interesting because we are forming a bit of a bullish flag.

In other words, it’s a very strong technical analysis setup. The question of course now is can we break above that crucial $70,000 level? If and when we do, then we can go much higher. I think it is going to be choppy and at this point in time, you have to be aware of the fact that we’re not going to get 15% moves overnight anymore.

That type of thing is long gone as this is now essentially an ETF on risk appetite in Wall Street. In other words, this is no longer about crypto, the market is more about whether or not people are willing to put money into more volatile assets. Keep in mind this is now a new toy for Wall Street to play with, so it’ll give us a little bit different behavior going forward.

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