Bitcoin Price Analysis: Bullish Momentum Expected to Continue
According to cryptocurrency analysts, Bitcoin (BTC) price has been fluctuating within a range following a drop on June 24. Despite the recent volatility, there are indicators that suggest a bullish outlook for the largest cryptocurrency. Let’s delve into the analysis to understand the potential price movements in the near term.
Bitcoin Price Long-Term Forecast: Bearish 🐻
- Bitcoin experienced a sharp decline to a low of $58,555 before bouncing back.
- On June 25, the price stabilized above the $60,000 level, indicating a possible end to the downtrend.
- The cryptocurrency surged above the current support level and reached a high of $63,911.
- However, it faced resistance at the 21-day SMA and the $64,000 level, leading to a pullback.
- If the bears manage to break the current support at $60,000, Bitcoin could drop to $58,555 and even further to $56,711.
- On the contrary, if $60,000 holds, the cryptocurrency is likely to consolidate below the moving averages.
Bitcoin Indicator Reading 📊
- The 21-day SMA is currently acting as a key resistance level for Bitcoin.
- A long candlestick wick on July 1 breached the 21-day SMA, signaling intense selling pressure at that level.
- Additionally, the 21-day SMA has crossed below the 50-day SMA on the daily chart, suggesting a bearish outlook.
Technical Indicators:
- Key Resistance Levels: $70,000 and $80,000
- Key Support Levels: $50,000 and $40,000
What’s Next for BTC/USD? 🚀
- On the 4-hour chart, Bitcoin is currently trading within a range above $60,000.
- The price range is between $58,600 and $64,000, with Bitcoin testing the $60,000 support multiple times.
- A breakout above the current resistance or support levels will likely determine the next move for Bitcoin.
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