The declining price of Bitcoin
The value of Bitcoin has been falling as buyers struggle to maintain the price above the moving average lines. Here is an analysis of the current Bitcoin price trend:
Bitcoin price long-term forecast: bearish
โ On April 22, 2024, positive momentum was seen, but it was halted by the 50-day SMA at the $68,500 resistance level.
โ If buyers had succeeded, Bitcoin could have reached its all-time high of $73,666.
โ However, Bitcoin is currently in a downtrend after failing to surpass the moving averages and is currently approaching the $63,000 support level.
โ The price declined above $60,900 on April 17, 2024, as bulls stepped in to buy the dip, and Bitcoin is currently valued at $63,801.
โ If Bitcoin retraces but remains above current levels, it will trade between the $60,900 support and below the moving average lines.
โ On the other hand, if the bears break the $60,900 support level, Bitcoin could drop to $54,000.
Bitcoin indicator reading
โ The BTC price bars are below the moving average lines, indicating a potential downward movement.
โ Additionally, there is a bearish crossover with the 21-day SMA falling below the 50-day SMA, suggesting a possible crash.
Technical indicators:
โ Key resistance levels: $70,000 and $80,000
โ Key support levels: $50,000 and $40,000
Whatโs next for BTC/USD?
โ Bitcoinโs upward trend would have continued on April 22, 2024, if buyers had maintained the price above the moving averages.
โ Currently, Bitcoin is expected to either fall or trade within the range of $60,900 to $67,000.
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