Bitcoin Weekly Price Outlook – Bitcoin Continues to See Pressures to The Upside

Bitcoin Weekly Technical Analysis

Bitcoin has rallied during the course of the week to slam into the $74,000 level, an area that was the recent all-time high, but has given back those gains as it doesn’t look like we have enough momentum quite yet to get this thing going.

It is interesting the way Bitcoin has behaved since the ETF was created because quite frankly, it hasn’t done much after that initial surge. We did try to break out this week, but it doesn’t look like we’re going to be able to do so easily. The question now will be whether or not we can finally break out or do we need to pull back a bit? I do suspect that the weekly chart will continue to show a lot of sideways action in the short term, so a pullback is more likely than not going to end up being a buying opportunity.

Whether or not the market can really start to pick up momentum is probably going to have more to do with the US dollar and interest rates than anything else. And despite the fact that the Federal Reserve has recently cut interest rates by 50 basis points, interest rates have actually risen, and that’s a big problem for Bitcoin is now a Wall Street asset. So, they will continue to try to keep the thing afloat, but it’s more or less an index now. It’s almost like trading the SPY or the QQQ, which is a bit of a strange thing to comprehend.

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