Bitcoin Weekly Price Outlook – Bitcoin Continues to See Sideways Uptrend

Bitcoin Weekly Technical Analysis

Bitcoin has been very noisy during the trading week as we initially fell but then turned around to show signs of life. With that being said the market is likely to continue to see a situation where there are buyers underneath trying to pick up bits and pieces of value, but I also recognize that we have a lot of resistance just above.

The market is likely to continue to see a lot of questions asked of it, but the one thing that I do see over the longer term is there seems to be more of a grind higher. Bitcoin is not going to be as exciting as it once was now that Wall Street is involved. They simply won’t tolerate it, and they have the money to make it happen that way.

So, 15% gains in a day will never happen again, unless of course there’s something drastic going on. The market looks a lot like an index fund because basically that’s what it’s being treated as now. While it does have an upward slant, I don’t necessarily think that you can just yolo into the position anymore. It has now become a bit of an addition to portfolios, but a small addition and it will be reflected in the way this trades. I think the 62,000 level underneath and the 60,000 level both offer support. I suspect at these levels, we should see plenty of value hunters out there getting involved and providing fresh, new, buyers of the digital asset.

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