The price of Bitcoin (BTC) has fallen to its all-time low of November 14, 2024. The largest cryptocurrency fell to $86,741 before rising again.
Long-term prediction of the BTC price: bearish
Bitcoin fell on February 21 as buyers were unable to keep the price above the moving average lines. Had the buyers been successful, Bitcoin would have peaked at $102,390 and then $106,520. Bearish momentum fell below the current support at $94,000 and is still bearish. Bitcoin is currently trading above support at $86,000.
If the bulls hold the current support, Bitcoin will recover above the low of $86,000. The current value of Bitcoin is $87,481.
Analysis of the Bitcoin price indicators
According to Coinidol.com, Bitcoin price has fallen sharply as the 21-day SMA crosses below the 50-day SMA. The moving average lines remain horizontal despite the coin’s decline. There are long candlestick tails pointing to the $86,000 support on the downside. This suggests that there is significant buying pressure at the $86,000 support.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin has fallen into the oversold sector of the market. The 4-hour chart shows that Bitcoin is trending upwards again after stalling above the $86,000 level. Bitcoin will regain momentum if it breaks above the $94,000 mark. The coin’s value will return to its high of $102,390. If the upward movement is rejected, Bitcoin will trade in a range.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their research before investing in funds.
Source: https://coinidol.com/bitcoin-price-falls-dramatically/