The current Bitcoin (BTC) price is trading within the moving average lines, facing strong resistance at the $44,000 mark.
Long-term forecast for the Bitcoin price: bullish
The latest analysis indicates that on January 29, buyers managed to keep the price above the moving average lines, but it was strongly rejected at the $44,000 resistance level. Currently, the BTC price is fluctuating between the 50-day SMA and the moving average lines.
If Bitcoin surpasses the 50-day SMA support, it is expected to rally above the $44,000 resistance and continue its bullish momentum towards $47,000. However, if the 21-day SMA support is broken, the price of Bitcoin will fall to around $40,000.
Bitcoin indicator reading
Following the recent rejection at $44,000, the BTC price has fallen between the moving average lines. The movement is modest due to the emergence of doji candlesticks, and the moving average lines are sloping horizontally as the uptrend comes to an end.
Technical indicators:
Key resistance levels – $35,000 and $40,000
Key support levels – $30,000 and $25,000
What is the next direction for BTC/USD?
After being rejected at $44,000, Bitcoin is currently trading in a range between $41,800 and $44,000. The price movement is limited within this range. The presence of doji candles indicates uncertainty in market sentiment among buyers and sellers.
Hot Take: What’s in Store for Bitcoin?
The Bitcoin price is currently facing strong resistance at $44,000, with the possibility of a rally towards $47,000 if it surpasses the 50-day SMA support. However, breaking the 21-day SMA support could lead to a fall in price to around $40,000. Traders and investors should closely monitor these key levels and indicators to gauge the future direction of BTC/USD.