The price of Bitcoin (BTC) has recovered and reached a high of $95,321.
BTC price long term forecast: bullish
The largest cryptocurrency broke through the 21-day SMA and the $90,000 mark. However, the bullish momentum was pushed back again. After reaching a high of $95,321, the Bitcoin price is currently declining.
BTC is between the barrier at $102,000 and the support at $90,000. Bitcoin will move sideways if it pulls back and stays above the $90,000 support, but if it loses the $90,000 support, it will fall.
Bitcoin price may rise and return to the psychological price threshold of $100,000. However, it is expected to return to its previous low of $82,925, as reported by Coinidol.com last week.
Analysis of BTC price indicators
After a false breakout, Bitcoin’s price bars are below the moving average lines. The price bars on the 4-hour chart are above the moving average lines, indicating that Bitcoin is on the verge of a rally. Despite the current price rally, the moving average lines are dipping south.
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 is above the $90,000 support and below the moving average lines after the rally. It is now stagnating as it prepares for an upward move.
On the positive side, buyers are planning to push above the psychological price threshold of $100,000.
Bitcoin has fallen to the bearish trend zone on the daily chart as a result of the most recent rejection.
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 CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/bitcoin-is-between/