The Price of Bitcoin Continues to Rise
The price of Bitcoin (BTC) has risen above the 50-day Simple Moving Average (SMA) and is continuing its upward trend. The largest cryptocurrency was trading above $42,850 before the recent surge. The bears attempted to push the cryptocurrency below the 21-day SMA, but were unsuccessful. On February 7, the bulls broke through the 50-day SMA and continued their uptrend.
Long-term Forecast for Bitcoin: Bullish
The Bitcoin price has been fluctuating above the $48,000 support level but below the $49,000 resistance level for the past 48 hours. If the current resistance level is broken, Bitcoin will rise above the psychological price barrier of $50,000. Conversely, if it loses the $48,000 support, it will fall. However, the cryptocurrency is expected to find support above the $46,000 low.
Bitcoin Indicator Reading
The Bitcoin price is well above the moving average lines and has regained its previous high of $48,750. As long as the price bars remain above the moving average lines, the cryptocurrency’s uptrend will continue. On the daily chart, there has been a bullish crossover of the moving average lines, indicating further positive movement.
Technical Indicators:
Key resistance levels: $45,000 and $40,000
Key support levels: $35,000 and $30,000
What’s Next for BTC/USD?
On the 4-hour chart, Bitcoin’s bullish momentum has stalled above the $48,000 support as it consolidates. The cryptocurrency’s price is also oscillating above the 21-day SMA and the $48,000 support. If these support levels hold, Bitcoin will continue its uptrend. However, if the price falls below the moving average lines, the current uptrend will come to an end.
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