Bitcoin Price Stalls at $45,000 Resistance Level
The price of Bitcoin (BTC) has paused after reaching the $45,000 resistance level. On December 5, BTC reached a high of $44,488 before declining. It was then rejected at a high of $44,699 on December 8 when it failed to break above the $45,000 mark.
Long-term Forecast for Bitcoin Price: Bullish
Currently, the Bitcoin price has retreated and found support above the 21-day simple moving average (SMA), standing at $42,182 at the time of writing. The current upswing is expected to continue as long as it remains above the 21-day SMA. If the current resistance level is broken, Bitcoin is likely to rise above $47,000.
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Bitcoin Indicator Reading
On the 4-hour chart, Bitcoin’s price bars have slipped below the moving average lines, indicating a potential further decline. On the daily chart, a bearish momentum will start if the bears fall below the 21-day SMA support. In this case, the market may fall to a low of $37,500.
Technical Indicators
Key resistance levels for Bitcoin are $30,000 and $35,000, while key support levels are $20,000 and $15,000.
What’s Next for BTC/USD?
After finding support above the moving average lines, Bitcoin is expected to break through the $45,000 resistance level. During an uptrend break, BTC traded sideways between $40,000 and $44,500. Currently, it is trading in the middle of its price range.
Hot Take: Bitcoin Price Facing Resistance at $45,000
The Bitcoin price has reached a resistance level at $45,000 and is currently facing a pause in its upward movement. However, the long-term forecast remains bullish as long as Bitcoin stays above the 21-day SMA. Technical indicators suggest a potential further decline if the bears break below the 21-day SMA support. Key resistance levels for Bitcoin are $30,000 and $35,000, while key support levels are $20,000 and $15,000. The next direction for BTC/USD will depend on whether it can break through the $45,000 resistance level and continue its upward trajectory.
