The Current State of Bitcoin Price
The Bitcoin price has once again entered a downtrend zone, failing to sustain its positive momentum above the $65,000 mark. It has dropped below the moving average lines and hit a low of $58,200. However, the decline was paused above $58,000, where Bitcoin is now trading sideways above the current support level, which is above $57,000 and below $65,000.
BTC Price Prediction in the Long Term
BTC’s future trend will be determined once it breaks out of the current trading range. If the bears manage to push the price below the $57,000 support level, we can expect a further drop to the previous low of $49,000.
BTC Price Indicator Analysis
Bitcoin experienced a sharp decline below the moving average lines on August 27 after facing rejection at $65,000. Currently, the cryptocurrency is trading below these moving average lines, indicating a potential return of selling pressure if it fails to break above the 21-day SMA barrier.
Technical Indicators:
- Key Resistance Levels – $70,000 and $80,000
- Key Support Levels – $50,000 and $40,000
What Lies Ahead for BTC/USD?
After the recent price drop, Bitcoin is currently in a sideways movement. It has stabilized above the support level of $58,000 but remains below the moving average lines. If the support at $58,000 is broken, we can expect a further decline to $55,000.
It was previously mentioned that on August 21, the bulls were in control as Bitcoin price broke above the moving average lines. Subsequently, on August 23, the price hit a high of $65,074.
Closing Thoughts on Bitcoin’s Price Movement 🔮
In conclusion, Bitcoin’s price has faced challenges in maintaining its bullish momentum and has entered a downtrend zone. The current support level at $58,000 is crucial, and a break below it could lead to further declines towards $55,000. Keep a close eye on the moving average lines and the 21-day SMA barrier for potential indicators of future price movements. Stay informed and be prepared for possible market fluctuations in the coming days!
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