Bitcoin Price Prediction for Long-Term: Bullish Trend Continues
The battle between bulls and bears around the $72,000 resistance level has been ongoing since March 13, 2024. Bulls managed to break through the resistance and push the price to a high of $73,588 before facing rejection. As a result, Bitcoin has been consolidating within a range of $60,000 to $72,000. Currently, the price of Bitcoin sits at $65,402, trading above the 50-day Simple Moving Average (SMA) support but below the 21-day SMA resistance. A break above the 21-day SMA resistance could propel Bitcoin towards its recent high of $73,588.
Bitcoin (BTC) Key Indicator Analysis
Bitcoin is currently stuck between the moving average lines, indicating potential price fluctuations. Despite a recent dip, the moving averages are trending upwards. On the 4-hour chart, price bars are below the moving averages, signaling a bearish crossover as the 21-day SMA crosses below the 50-day SMA. This presents a selling opportunity for traders.
Technical Indicators for Bitcoin (BTC)
โ Key resistance levels: $70,000 and $80,000
โ Key support levels: $50,000 and $40,000
Whatโs Next for BTC/USD?
Bitcoin is currently amidst a price consolidation phase, with uncertainty surrounding the market direction as it remains within the moving average boundaries. Doji candlesticks are appearing, suggesting consolidation above the $65,000 support level. The next move for Bitcoin will be determined by the outcome of this consolidation phase.
๐ฅ Hot Take: Bitcoinโs Price Trend in the Short Term ๐ฅ
The price of Bitcoin has faced resistance around $72,000 and is now consolidating between $60,000 and $72,000. Despite recent dips, Bitcoin is trading above the 50-day SMA support but below the 21-day SMA resistance. A breakout above the 21-day SMA could push Bitcoin towards its recent high of $73,588. However, a drop below the 50-day SMA support at $62,000 could lead to increased selling pressure and a downwards trend in price.
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