Bitcoin (BTC) prices recover when they cross moving average lines.
Bitcoin price long-term prediction: bullish
Coinidol.com reported previously that on June 22, BTC fell below the psychological $100,000 mark, but the bulls bought the dips. Had the downtrend continued below the $100,000 support, Bitcoin would have fallen to a low of $94,800.
Nonetheless, Bitcoin has resumed its positive trend above the moving average lines. Bitcoin has risen above the 21-day SMA support and has reached a high of $106,000. It is expected that Bitcoin will reach a high of $110,000, but must first overcome the barrier of $108,000. In the meantime, Bitcoin has returned to the positive trend line.
BTC price indicators analysis
Bitcoin has risen above the moving average lines since June 23. The horizontal lines of the moving average are below the price bars. The price bars are above the moving average lines on the 4-hour chart. This illustrates the cryptocurrency’s potential to move above the moving average lines.
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 price?
On June 22, Bitcoin broke through the psychological price barrier of 100,000 dollars and survived its crash. At the same time, Bitcoin recovered and rose above the moving average lines.
The bullish momentum was maintained above the moving average lines. The uptrend has paused below the $106,000 level. The altcoin is expected to hit a high of $110,000 if it breaks above the $106,000 threshold.
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-survives-slump/