Bitcoin Price Continues to Rise, Long-Term Forecast is Bullish
Cryptocurrency analysts at Coinidol.com report that Bitcoin (BTC) price has been steadily increasing, with buyers maintaining control over the $30,000 level. The bulls have successfully held the current support and even retested the recent high, indicating a positive trend.
Key Points:
- Buyers have tested the $31,000 resistance three times, but haven’t been able to break through the current high.
- If buyers successfully break the $31,430 barrier, Bitcoin is expected to rise further to a high of $32,400.
- If the recent high cannot be surpassed, the cryptocurrency could settle between $30,000 and $31,400. Breaking below the $30,000 support level may lead to increased selling pressure.
- Bitcoin is in a bullish trend zone, with a Relative Strength Index level of 63 and price bars above the moving average lines.
Bitcoin Indicator Display
Bitcoin is currently showing positive signs for its rise. The cryptocurrency is above the stochastic level of 25 on a daily basis and is in a bullish trend zone. Technical indicators suggest that Bitcoin’s price may continue to increase in the long term.
Key Support and Resistance Levels:
- Key resistance levels are $30,000 and $35,000.
- Key support levels are $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin is currently approaching the $31,000 resistance level. The price movement is characterized by a small uncertain candlestick, indicating a division between buyers and sellers regarding the market’s direction. However, the long-term forecast remains bullish, and Bitcoin’s price may continue to rise.
Overall, Bitcoin’s price has been on an upward trend, with buyers maintaining control and testing the resistance levels. While the recent high has not been surpassed yet, the cryptocurrency’s technical indicators suggest a positive outlook. If buyers can break through the resistance, Bitcoin’s price may reach new highs.
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