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Bitcoin (BTC) has risen above the moving average lines and the $95,000 support level but is being held back by the 50-day SMA barrier.
Bitcoin price long-term forecast: bearish
Bitcoin price is currently below the 50-day SMA barrier and above the 21-day SMA support. BTC will reach a high of $102,390 if it breaks above the 50-day SMA. However, Bitcoin will be forced to move in a range between the moving average lines if it gets stuck at the 50-day SMA.
On the other hand, if the bears break below the 21-day SMA, Bitcoin would fall back to its previous range between $94,000 and below the moving average lines.
Currently, Bitcoin is trying to break above the 50-day SMA and has resumed its uptrend. The price of Bitcoin is at $96,736.
Analysis of the Bitcoin price indicators
According to the analysis by Coinidol.com, after Bitcoin broke through the moving average lines, it has recovered. Before the breakout, the cryptocurrency was initially trapped between the moving average lines. If the 50-day SMA support holds, Bitcoin will rise again. The price bars are above the moving average lines on the upside, indicating a rise.
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 Bitcoin?
Bitcoin has continued its uptrend after entering the uptrend zone. Bitcoin will start to rise again if the 50-day SMA support holds.
However, if the bulls are unable to sustain their bullish momentum above the 50-day SMA, Bitcoin will move between the moving average lines.
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.
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