The Bitcoin Price Is on the Rise: What to Expect Next
Bitcoin has seen a significant increase in its price recently, surpassing the $64,000 mark on July 25. The cryptocurrency reached a high of $68,479 on July 21 before experiencing a slight correction and then continuing its upward trend. Today, the price of Bitcoin has reached $67,100 and is showing signs of further growth.
Positive Long-Term Forecast for Bitcoin Price
If the bulls manage to break through the resistance at $68,000, Bitcoin is expected to reach a new high of $72,000. However, failure to surpass this level could result in the cryptocurrency trading above the moving average lines and the $64,000 support but below the $68,000 resistance.
Bitcoin Technical Indicators
On July 25, a long candlestick tail indicated strong support at the 50-day SMA. The 4-hour chart shows a sideways trend between $64,000 and $68,000, with key resistance levels at $70,000 and $80,000, and key support levels at $50,000 and $40,000.
Technical Indicators Include:
- Resistance levels at $70,000 and $80,000
- Support levels at $50,000 and $40,000
What’s Next for BTC/USD?
Bitcoin is currently trading within a bullish trend zone and has entered a trading range between $64,000 and $68,000 after its rise on July 19. While the cryptocurrency has tested the $68,000 mark again, it has yet to break through this resistance level.
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