The price of Bitcoin (BTC) was declining as it was rejected at a high of $86,000. Currently, BTC is trying something else.
Previously, buyers were unable to maintain positive momentum above the moving average.
Bitcoin Price Long-Term Prediction: Bull
If the buyer had succeeded, the price of Bitcoin would have reached a high of $95,000. The bear is about to fall below the 50-day SMA today.
However, Bitcoin drops to a low of $80,000 when it falls below the moving average line. The downtrend continues until it reaches the $78,000 level. If today’s downward trend continues, Bitcoin prices could fall during the moving average line.
Bitcoin Price Indicator Analysis
Bitcoin prices are pushed down by downtrends, but are slightly above the moving average line. The price bar has returned to Doji Candlesticks. Bitcoin is steadily declining despite the price range of the four-hour chart still above the moving average line.
Technical indicators
Key Supply Zones: $108,000, $109,000, $110,000
Key Demand Zones: $90,000, $80,000, $70,000
What will be the next move for Bitcoin?
As reported by Coinidol.com, Bitcoin has been trading sideways since the rally ended on April 12th. Bitcoin fell below $86,000 last week, but surpassed the moving average.
The biggest cryptocurrency is to reverse courses as it falls below 21-day SMA support. When prices fall below the moving average line, sales pressure will rise again.
Disclaimer. This analysis and prediction is the author’s personal opinion. They do not recommend buying and selling cryptocurrencies and should not be considered as approval by coinidol.com. Readers should do research before investing in funds.
