The Bitcoin (BTC) price is back on the rise, breaking above the 21-day SMA
Bitcoin has shown strength by surpassing the 21-day SMA after a slight dip. The cryptocurrency is currently in a bullish trend zone, valued at $70,319, and is expected to continue its upward momentum towards its previous high of $73,666. Here is what you need to know about the long-term forecast for the Bitcoin price and its next direction:
The Bullish Long-Term Forecast for Bitcoin Price
• On March 13, Bitcoin reached a high of $73,666 before experiencing a temporary setback.
• Strong buying at lower levels pushed Bitcoin above the 21-day SMA.
• The current uptrend is likely to continue towards the previous high of $73,666.
• Breaking through the resistance at $73,666 could lead to a further uptrend towards $80,000.
• Bitcoin is regaining momentum above the 21-day SMA, indicating a positive trend.
• Sustaining above the moving average lines is crucial for Bitcoin’s continued upward movement.
• Candlestick patterns have caused some delays in price action.
Technical Indicators:
- Key resistance levels – $70,000 and $80,000
- Key support levels – $50,000 and $40,000
The Next Direction for BTC/USD
• Bitcoin is aiming to surpass its previous high of $73,666.
• Breaking through the current resistance levels could lead to a further increase in price.
• Failure to break through resistance may result in a sideways trend.
• Bitcoin could trade above the moving average line but below $73,000 resistance level.
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