The Bitcoin (BTC) price has been on an incredible uptrend, rising to a high of $70,184. Price analysis by Coinidol.com.
Bitcoin price long-term forecast: bullish
The upward momentum could not sustain itself above the $70,000 mark. The cryptocurrency price was pushed back but has since resumed its uptrend above the current support. The market would rise to new highs of $75,000 and $80,000.
If buyers fail to break above the recent high, Bitcoin will be forced to trade sideways, above the moving average lines but below the $70,000 high. The current value of Bitcoin price at the time of writing is $68,376.
Bitcoin indicator display
Bitcoin price bars are dominated by doji candlesticks that bounce above the moving averages. The 21-day SMA serves as support and is located near the price bars. The uptrend will end when the price falls below the moving average lines.
Technical indicators:
Key resistance levels – $60,000 and $70,000
Key support levels – $50,000 and $40,000
What is the next direction for BTC/USD?
The largest cryptocurrency has crossed the psychological price threshold of $70,000. This will be the second time that the cryptocurrency price will retest its recent high. Bitcoin is currently selling between $60,000 and $70,000 after previously being rejected.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
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- Source: https://coinidol.com/bitcoin-reaches-a-high/