Bitcoin (BTC) price has lost critical support at $64,000, sending the largest cryptocurrency to a low above $58,555. Cryptocurrency price analysis brought by Coinidol.com.
Bitcoin price long term forecast: bearish
The bulls quickly bought the dip and Bitcoin returned above the psychological price threshold of $60,000. The upward correction was halted at $62,558. As a result, Bitcoin has been trading in a limited range for the past 48 hours. In other words, the BTC price is moving between $58,000 and $63,000. Bitcoin is currently worth $61,610. On the positive side, Bitcoin is expected to gain as buyers flock to the psychological price threshold of $60,000. If buyers keep the price above the moving average lines, the cryptocurrency value will resume its positive trend. It is possible to reach the high of $70,000 again. However, if Bitcoin is rejected at the moving average lines, it will slide. Bitcoin will crash and reach its previous low of $56,710.
Bitcoin indicator reading
After the recent downturn, the moving average lines have formed a bearish crossover with the 21-day SMA below the 50-day SMA. This indicates the coin’s current decline. Meanwhile, the slide has leveled off above the psychological $60,000 level.
Technical indicators:
Key resistance levels – $70,000 and $80,000
Key support levels – $50,000 and $40,000
What is the next direction for BTC/USD?
Currently, Bitcoin is trading in a range below the moving average lines. The upward correction has stalled below the $62,000 mark. The price of Bitcoin (BTC) is bouncing below its previous high, indicating a potential uptrend. If the largest cryptocurrency fails to break above the $62,000 mark, selling pressure will increase again.
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.
