Bitcoin Maintains Uptrend Above Moving Average Lines
Bitcoin (BTC) has continued its uptrend and remains above the moving average lines. However, the recent resistance zone of $38,000 has caused the price to enter a downtrend. Despite several setbacks, buyers have been unable to hold the price above $38,000. As a result, the bears broke below the 21-day simple moving average, but the bulls stepped in to buy the dips.
Currently trading between $35,400 and $38,000, Bitcoin’s next move depends on whether buyers can break above the $38,000 mark. If successful, BTC will resume its uptrend towards $40,000. On the other hand, if bears push the price below the 21-day SMA or the $35,400 support level, the current upswing will come to an end.
Bitcoin Indicator Reading
As Bitcoin continues its sideways trend, the price bars have pulled back above the 21-day moving average line. However, this also increases the risk for Bitcoin as it approaches the moving average lines. When the price bars are above these lines, BTC prices tend to rise. Conversely, when they fall below these lines, prices start to decline.
Technical Indicators
Key resistance levels for Bitcoin are at $30,000 and $35,000 while key support levels are at $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin is currently trading in the overbought zone of the market and has struggled to surpass the $38,000 resistance level in recent weeks. However, as long as BTC remains in an uptrend zone, buyers are defending the support level at $35,400. The next direction for Bitcoin will depend on whether these support and resistance levels are broken.
Hot Take: Bitcoin Price Stays Flat as Buyers Struggle
According to cryptocurrency analytics specialists, Bitcoin’s price is currently moving flat as buyers fail to sustain the upside momentum above the $38,000 high. The cryptocurrency is currently trading between $35,400 and $38,000.
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