Bitcoin (BTC) Price Long Term Prediction: Bullish
Bitcoin (BTC) has been trading above the $33,400 support level since October 27. On October 24, BTC reached a high of $35,198 before being pushed back. It has been consolidating between the $33,400 and $35,200 levels. Currently, buyers are facing resistance as they try to break above the $35,000 level. If this resistance is broken, Bitcoin is expected to reach a high of $40,000. However, if it retraces and breaks the support level of $33,400, the price will fall to around $31,845. At present, Bitcoin is trading at around $35,390.
Technical Indicators:
Key resistance levels for Bitcoin include $30,000 and $35,000, while key support levels are at $20,000 and $15,000.
Bitcoin Price Indicator Reading
Bitcoin’s price has been consolidating in a sideways trend. The current uptrend is reflected on the daily chart by price bars that are above the moving average lines.
What is the next direction for BTC/USD?
Bitcoin has remained steady in a range above the $33,400 support level. Since it is currently limited to this range, it is difficult to predict its next move. The price is hovering below the $36,000 resistance level and doji candlesticks dominate the price bars.
Last week it was reported that Bitcoin’s price reached the $35,000 resistance level twice while continuing its sideways movement.
Hot Take: Bitcoin Bulls Control Prices as Resistance Looms
Bitcoin has shown stability over the past week with the bulls taking control of prices. The cryptocurrency has been consolidating within a range and is currently facing resistance at the $35,000 level. If this resistance is broken, Bitcoin is expected to reach $40,000. However, if it retraces and breaks the support level of $33,400, the price could fall to around $31,845. Technical indicators suggest key resistance levels at $30,000 and $35,000, with key support levels at $20,000 and $15,000. Overall, Bitcoin’s next direction remains uncertain as it continues its sideways movement.
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