Bitcoin Weekly Price Forecast – Bitcoin Continues to See a Bounce Longer-term

Bitcoin Weekly Technical Analysis

The Bitcoin market initially pulled back to the $57,500 level during the course of the week but has since turned around to show signs of life again. By doing so, we managed to spike and break above the $62,000 level.

This of course was accompanied by the Federal Reserve cutting interest rates 50 basis points, which was like rocket fuel for a lot of risk appetite based trading. At this point though, we have to ask some questions from Bitcoin to see whether or not we get the move that we’re looking for. What I’m paying special attention to is the $65,000 level because if we can break that, it would in fact be a higher high.

We made a higher low, now we need to do that to confirm the uptrend. All things being equal, it probably does happen eventually, but it is worth noting that since the ETF swing high, the market had dropped as much as 35-ish percent and now finds itself right in the middle of that range, and this goes back to March.

So really, we haven’t done anything most of the year after the initial surge and in fact are quite a bit lower. This tells me that the market might be consolidating trying to eat all of those gains and digest them as it were, or it could mean something a little more nefarious. We’ll have to wait and see. It is because of this that I urge a lot of caution buying Bitcoin, although I do think that now that it’s an ETF Wall Street will do what it can to protect it.

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