Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Bitcoin Forecast: Continues to Grind Away to the Side

Bitcoin steady near $43,000, poised for next big move. Watch for breakout above $44,000 or dip to $40,000 support. Market in anticipation.

  • The Bitcoin market has exhibited limited activity during the recent trading sessions, reflecting a period of relative stagnation as participants await a resurgence of momentum.
  • This subdued performance may not come as a surprise, given the prior bullish sentiment that prevailed in this market.

Bitcoin Forecast Today- 05/02: Bitcoin Sideways Move (Graph)

Looking at the Bitcoin market, Friday's trading activity was uneventful, mirroring the week's overall lack of significant developments. The market previously experienced substantial upward momentum, driving Bitcoin to reach approximately $43,000. The recent excitement surrounding the exchange-traded fund (ETF) contributed to an 80% surge in Bitcoin's value. However, with the subsequent absence of new buyers, the market currently finds itself in a state of stasis.

In terms of potential price movements, a break above the $44,000 mark could pave the way for a push towards $48,000, a level that previously witnessed notable selling pressure. Conversely, the $40,000 threshold represents a substantial support level, while the market's attention also remains focused on the $38,500 range.

Top Forex Brokers

    Neutral State of Affairs

    Presently, Bitcoin appears to be in a neutral state, devoid of any inherently positive or negative attributes. It may continue to undergo a period of relative inactivity, potentially causing some to lose interest temporarily.

    Over the long term, as Bitcoin strives to consolidate its substantial gains, there is a likelihood of a breakout towards the $52,000 level. However, this outcome hinges on the trajectory of interest rates in the United States. The unexpected results of the recent jobs report had a notable impact on the bond market, potentially hindering investor enthusiasm for risk assets like Bitcoin. Nevertheless, the prevailing trend for Bitcoin remains upward, and short-term pullbacks are viewed as opportunities for investors to accumulate positions.

    In the end, Bitcoin's current state of quiescence is indicative of a market in transition. While the future appears promising, the present circumstances suggest that investors may consider gradually building their positions, exercising caution due to the potential for volatility. Bitcoin's long-term outlook remains bullish, reinforcing the notion that patience and strategic accumulation may be key to realizing future gains in this dynamic market.

    Ready to trade Bitcoin USD? Here are the best MT4 crypto brokers to choose from. 

    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

    Most Visited Forex Broker Reviews