Bitcoin Weekly Price Forecast – Bitcoin Continues to Look Supported But Quiet

Bitcoin Weekly Technical Analysis

The Bitcoin market has been rather noisy at this point in time, and therefore it looks like we are going to continue to hang around in this same consolidation range. The $57,500 level underneath has been support, while the $62,000 level above has been resistance. If we can break above the $62,000 level on a daily close, I think longer-term traders will become much more interested in holding Bitcoin. Quite frankly, Bitcoin’s done nothing since the ETF, and I think a lot of Bitcoin traders are starting to become extraordinarily frustrated.

Whether or not that changes the overall attitude remains to be seen, but Wall Street has made its money, so they may not care. When you look at the pattern, though, you can see that this almost looks like a bottoming pattern, but it may take months to turn this around. Quite frankly, Bitcoin only understands loose monetary policy, and that’s interesting considering that Jerome Powell finally admitted on Friday that they’re going to cut, and Bitcoin really hasn’t done a lot.

I know that the market already somewhat had that priced in, but really at this point, I’m kind of wondering what it is that’s going to make Bitcoin go higher. That being said, this is not a market you short anytime soon, at least not until we break down below the candlestick from two weeks ago, which means just below the $50,000 level. Anything below there would be a bit of a disaster for the Bitcoin markets, and almost certainly anything else in volved in digital currencies.

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