Bitcoin’s Price Action
Currently, Bitcoin’s price action is being constrained by the 21-day SMA support and resistance at $44,700.
Bitcoin Price Long Term Forecast: Bullish
Bitcoin has been trading within a range since hitting a high of $44,729 on December 8. The price has been capped by the overhead resistance of $45,000 since December 5. Despite being rejected at $44,444 on December 22, Bitcoin managed to bounce back above the 21-day SMA.
If Bitcoin breaks through the resistance at $44,700, it will rally above the $45,000 high and extend its positive momentum to reach $48,000. However, if the price falls below the 21-day SMA support, it may drop to the 50-day SMA or the low of $40,198. As of now, Bitcoin is valued at $43,291.
Bitcoin Indicator Reading
Bitcoin is currently in a bullish trend zone as the price bars find support above the 21-day SMA. The upward trend will continue as long as the price bars remain above the moving average lines.
Technical Indicators:
Key resistance levels: $35,000 and $40,000
Key support levels: $30,000 and $25,000
What’s Next for BTC/USD?
Bitcoin is currently trading sideways between $40,180 and $44,700 after being rejected at the $45,000 resistance zone. The cryptocurrency’s value is now confined within a narrow band of $42,700 to $44,700. The future direction of Bitcoin’s price will depend on whether these levels are breached.
Hot Take: Bitcoin’s Price Action Consolidates
Bitcoin’s price has been consolidating within a range, finding support above the 21-day SMA. The long-term forecast remains bullish if Bitcoin can break through the resistance at $44,700 and continue its positive momentum. However, a drop below the 21-day SMA support could lead to further declines. The key levels to watch are $35,000 and $40,000 as resistance, and $30,000 and $25,000 as support.
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