The Bitcoin price has found support above moving average lines
The current Bitcoin (BTC) price is experiencing a period of consolidation, with buyers struggling to maintain upward momentum above the $38,000 level. The cryptocurrency is currently trading between $35,400 and $38,000, repeatedly testing and being rejected at the $38,000 resistance level. As a result, the price of Bitcoin is falling and approaching the moving average lines. If the bears break the 21-day SMA or the support at $36,000, selling pressure will increase and bearish momentum may extend to a low above the 50-day simple moving average.
Bitcoin indicator reading
Bitcoin’s sideways movement has caused price fluctuations, bouncing above the 21-day SMA. However, if the price drops below the 21-day simple moving average, Bitcoin may experience further declines. Despite this, the price bars on both charts remain above the moving average lines, indicating that the uptrend is still intact. The current decline in Bitcoin can be attributed to overbought conditions.
Technical indicators:
The key resistance levels for Bitcoin are $30,000 and $35,000, while the key support levels are $20,000 and $15,000.
What is the next direction for BTC/USD?
Bitcoin is currently in a sideways trend after encountering resistance at the $37,794 or $38,000 level. The ongoing uptrend is facing challenges as it approaches further resistance above $37,500.
Hot Take: Bitcoin Price Prediction
The short-term outlook for Bitcoin suggests potential downside if key support levels are broken. However, despite recent fluctuations, long-term predictions remain bullish as Bitcoin continues to find support above moving average lines. The cryptocurrency market remains highly volatile, so it is important to closely monitor price movements and technical indicators to make informed investment decisions.
By
By
By
By
By
By