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. Letโs 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 marketโs direction.
Technical Indicators:
- Key resistance levels โ $70,000 and $80,000
- Key support levels โ $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 cryptocurrencyโs next move.
Hot Take: Bitcoin Consolidates Amid Resistance
As Bitcoin consolidates between key levels, traders are eagerly awaiting a decisive breakout. The cryptocurrencyโs bullish long-term forecast is intact, with key resistance levels at $70,000 and $80,000. Stay tuned for more updates on Bitcoinโs price action to navigate the market effectively.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.