Bitcoin Price Sideways After Failing Resistance Break
The price of Bitcoin (BTC) has entered a sideways trend after failing to break above resistance at $73,666. The bears successfully broke through the 21-day SMA support twice, sending Bitcoin lower, but the bulls bought the dips and initiated a sideways movement. Currently, Bitcoin is trading between $63,000 and $72,000, with a value of $69,524 at the editorial deadline. Let’s explore the long-term forecast and indicator readings for Bitcoin.
Bitcoin Price Long-Term Forecast: Bullish
The price barrier of $70,000 and $72,000 is restricting the uptrend for Bitcoin at the moment. If the bears manage to break below the 50-day SMA or the $63,000 support, the cryptocurrency could fall to as low as $51,000. Despite the recent setbacks, the bullish sentiment remains strong in the long run.
Bitcoin Indicator Reading
- The BTC price has risen above the 21-day SMA twice, indicating bullish momentum.
- The emergence of doji candles signifies uncertainty among traders regarding the market’s direction.
Technical Indicators:
- Key resistance levels – $70,000 and $80,000
- Key support levels – $50,000 and $40,000
What Is the Next Direction for BTC/USD?
On the 4-hour chart, Bitcoin is currently in a sideways trend, trading between $64,500 and $72,000. Despite multiple attempts, buyers have failed to break through the $72,000 resistance level. Following a rejection, Bitcoin was forced to move within a price range of $60,000 to $72,000. Keep an eye on the price movement to determine the cryptocurrency’s next move.
Hot Take: Bitcoin Consolidates Amid Resistance
As Bitcoin consolidates between key levels, traders are eagerly awaiting a decisive breakout. The cryptocurrency’s bullish long-term forecast is intact, with key resistance levels at $70,000 and $80,000. Stay tuned for more updates on Bitcoin’s price action to navigate the market effectively.
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