Bitcoin Weekly Technical Analysis
The Bitcoin market has rallied rather significantly during the course of the trading week as we are looking toward the $70,000 level as an area that will be targeted and then perhaps breached. I would anticipate short-term pullbacks, but longer term it looks like we are building some type of bullish flag. Keep in mind that Bitcoin is now an ETF on Wall Street, so it’s a new toy and they will protect it.
But I also recognize that Bitcoin still has a lot of issues in the sense that we don’t really know how it’s going to be used, but all things being equal, since February we have gone sideways. We’ve seen a pretty significant pullback only to rally again, so it does from a technical analysis standpoint, if nothing else, look like a market that is winding up going much higher. If we can break above the $72,000 level, then we’ll test the $74,000 level.
Anything above that would be a fresh new high that could open up a move towards 100,000 over the longer term. I’m not a Bitcoin bug, so I don’t necessarily think that we get there easily, but that would be a potential target. In the meantime, short-term pullbacks look likely to see support at the $62,000 level and the $60,000 level as well. All things being equal, as long as risk appetite is fairly strong. Bitcoin should be okay.
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