Over the weekend, the Bitcoin (BTC) price rallied and broke above the moving average lines, reaching a high of $108,590.
The rise was supposed to reach a high of $110,680, but was halted by the bears, as Coinidol.com reported.
Now, the BTC price remains above the moving average lines or the $106 support level, suggesting that the uptrend could resume.
On the upside, buyers have the advantage of pushing the price higher as long as they remain in the positive trend zone. A break above $110,000 would propel Bitcoin to a high of $114,000.
However, if the moving average lines are broken, Bitcoin will fall into a negative trend zone. The largest cryptocurrency will fall closer to the critical support of $100,000.
BTC price indicators analysis
BTC price bars have risen above the moving average lines after the recent breakout on June 23. This allows BTC to rise within the uptrend zone.
The moving average lines are horizontal and indicate a sideways trend below the $110,000 mark. The presence of doji candlesticks increases the probability that the price of the cryptocurrency will move within a certain range.
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 BTC?
Bitcoin is moving back to the moving average lines. On the 4-hour chart, the Bitcoin price has slipped between the moving average lines. This will result in Bitcoin maintaining its range-bound trend.
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/btc-price-holds-position/