The price of Bitcoin (BTC) rose to a high of $73,600 on October 29. BTC price analysis by Coinidol.com.
In previous price action, Bitcoin reached an all-time high of $73,588 on March 13, 2024. The bears have interrupted the uptrend, causing the price to fall slightly.
BTC price long-term prediction: bullish
On the downside, Bitcoin has retreated to the current support level above $70,000, but has since recovered. The cryptocurrency is trading above $70,000 but below the $73,000 barrier.
On the upside, Bitcoin will reach a new high of $76,500 if buyers break through the $73,000 barrier. On the downside, the key support levels are $70,000 and the 21-day SMA. Bitcoin will fall to $64,000 if these thresholds are breached. Bitcoin’s current value at the time of writing is $72,089.
BTC indicator reading
The Bitcoin price has recovered above the 21-day SMA and continues to rise. However, the trend has paused at the recent high. After hitting the $73,000 resistance level, the price bar is moving back towards the moving average. Bitcoin will continue to rise if prices retrace and stay above the 21-day SMA support. The decline will resume if the price falls below the moving average lines.
Technical indicators:
Resistance Levels – $70,000 and $80,000
Support Levels – $50,000 and $40,000
What is the next direction for BTC?
On the 4-hour chart, Bitcoin is in an uptrend and reached a high of $73,600. Bitcoin has started a sideways movement and is trading below the resistance of $73,000 and above the support of $70,000. Since October 29, Bitcoin has been fluctuating in anticipation of a further rise, as reported by Coinidol.com.
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-falls-after-peaking/