The Price of Bitcoin Continues to Rise Despite Recent Rejection
The price of Bitcoin (BTC) has been on the rise, reaching a high of $73,666 before facing rejection. However, despite this setback, the cryptocurrency has managed to maintain its bullish momentum. Although it fell to a low of $67,472, buyers are still actively supporting the price. In order for Bitcoin to continue its upward trend and surpass its previous high, it will need to break above the $74,000 resistance level.
Bitcoin Price Long-Term Forecast: Bullish
The long-term forecast for Bitcoin remains bullish. Even though the cryptocurrency experienced a rejection at its recent peak, there are indications that it will continue to rise in value. Here are some key points to consider:
- If Bitcoin is able to find support above the 21-day Simple Moving Average (SMA), it will likely resume its uptrend.
- A break above the $74,000 resistance level could lead to a surge in price and potentially push Bitcoin beyond $80,000.
- On the other hand, if Bitcoin falls below the 21-day SMA, it may continue to decline towards the 50-day SMA or even reach as low as $53,000.
Currently, the value of Bitcoin stands at $68,290.
Bitcoin Indicator Reading
An analysis of Bitcoinโs indicator readings reveals the following:
- The BTC price has retraced and risen above the 21-day SMA, indicating a potential uptrend.
- However, on the 4-hour chart, Bitcoin is currently below the moving average lines, suggesting a recent decline in price.
- Despite this decline, the rate of descent has slowed down above the $66,000 mark.
Technical Indicators:
- Key resistance levels: $60,000 and $70,000
- Key support levels: $50,000 and $40,000
What is the Next Direction for BTC/USD?
Bitcoin recently faced rejection at the $74,000 resistance level. After hovering below this level for 48 hours, the cryptocurrency experienced a fall in price. However, Bitcoin has managed to regain support above the $66,000 level and is now resuming its uptrend. The next direction for BTC/USD will depend on whether it can break above the moving average lines.
Hot Take: Bitcoinโs Bullish Momentum Remains Strong
The recent rejection of Bitcoinโs peak does not seem to have dampened its bullish momentum. Despite facing a temporary setback, Bitcoin continues to attract buyers who are supporting its price. If Bitcoin can break above the $74,000 resistance level, it has the potential to reach new heights and surpass its previous high of $80,000. However, if it falls below the 21-day SMA, Bitcoin may experience further decline towards the 50-day SMA or even lower. At present, Bitcoin is valued at $68,290.
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