The price of Bitcoin (BTC) has been steadily rising and making higher highs and higher lows.
Bitcoin price long-term prediction: bullish
The bullish rise has now stalled around the high of $112,000. Bitcoin has been hovering above the 21-day SMA support and below the $112,000 level since May 23, as reported by Coinidol.com. Bitcoin has been unable to break through the first barrier at $110,000 in the last 48 hours.
However, Bitcoin would surpass its previous high of $112,000 if its price rebounds and breaks the first barrier at $110,000. The upward trend of the bull market will continue.
Analysts predict that Bitcoin will rise to a high of $130,000.
But, if BTC loses the 21-day SMA support, there is a risk that the price will drop and fall above the 50-day SMA support or the psychological price level of $100,000.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
BTC price indicators analysis
The uptrend is illustrated by the continuous rise of the moving average lines to the north. The 21-day SMA has maintained its position above the 50-day SMA on both charts, indicating an uptrend for the cryptocurrency. Bitcoin is approaching the overbought area of the market, which could attract sellers near the recent high.
What is the next move for Bitcoin?
Bitcoin broke out above the previous high of $109,590 and is currently in an overbought state. Sellers are starting to show up to drive the price lower.
The 4-hour chart has forced Bitcoin to move above the $106,000 support and below the $112,000 resistance. Bitcoin will still rise as long as the price bars remain above 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.
