The Price of Bitcoin Holds Above $60,000: What’s Next?
Since the price drop in April 2024, Bitcoin has managed to stay above the $60,000 support level. Despite the bullish trend, buyers have struggled to keep the price above moving averages in the past month. The largest cryptocurrency retested the 21-day SMA on May 10, resulting in a sharp decline to $60,184. However, the market quickly recovered as bulls bought the dips, maintaining the uptrend.
The Bearish Bitcoin Price Long-term Forecast
- Bulls continue to buy every dip to keep the price above $60,000
- Buyers have failed to sustain the price above moving averages
- Bitcoin is currently valued at $61,819
Bitcoin Indicator Reading
The moving average lines indicate bearish crossovers as Bitcoin remains above the support level. The 21-day SMA has prevented further upward movement, signaling the potential start of an uptrend once the price bars rise above the moving averages.
Technical Indicators:
- Key Resistance Levels: $70,000 and $80,000
- Key Support Levels: $50,000 and $40,000
What’s the Next Direction for BTC/USD?
Bitcoin is currently undergoing a correction as it faces resistance at the 21-day SMA. If the recent high is surpassed, and the uptrend continues, BTC price could target the 50-day SMA resistance. The cryptocurrency is expected to maintain its range above $60,000 support, with the 21-day SMA acting as a critical level.
Hot Take: Bitcoin’s Stability Amidst Market Volatility
Despite recent price fluctuations, Bitcoin has shown resilience by holding above $60,000. The market continues to exhibit bullish behavior, with buyers stepping in to support the cryptocurrency. As technical indicators suggest a potential uptrend, the future of BTC/USD remains promising for investors.
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